N.J. Stat. § 34:1B-335.4

1. The Legislature finds and declares that: a. Due to its location, population, and pool of talent, New Jersey is well situated to promote and expand its sports and entertainment industry. b. Nationally, sports and entertainment facilities are major drivers of economic activity and are often located in downtown areas of the country’s major cities. In large metropolitan statistical areas, multiple facilities in different states may compete for the same events and visitors, and New Jersey is no exception. c. The New Jersey Economic Development Authority can effectively utilize sports and entertainment facilities as catalysts for broad economic development in targeted communities. d. Sports and entertainment facilities attract visitors and businesses to the State by leveraging the economic and cultural benefits of building and supporting world-class facilities capable of hosting events that can bring communities together. e. Full-scale renovations can extend and expand the lifespan of sports and entertainment facilities, shoring up key infrastructure components and modernizing facilities so they remain safe and competitive, and so they continue to serve the State, the local community, and the purposes for which they were built. f. Governmental support, alongside operator equity, is commonly needed to make the renovation and enhancement of these facilities a reality. Public investment is leveraged to preserve and expand an economic engine that benefits governmental entities through the generation of tax receipts and creation of jobs, the private businesses serving and benefitting from the facility, their customers, employees, and the general public. g. Projects involving the development, redevelopment, or rehabilitation of sports and entertainment facilities are inherently beneficial to the State because they provide vital contributions to the communities in which they are located. h. The Legislature declares that two principal objectives underscore the policy purposes of P.L.2025, c.399 (C.34:1B-335.4 et al.): first, that providing spaces for communities to gather will result in thriving communities; and second, although the State must help to provide these spaces through an incentive program that reflects the economics of sports and entertainment facilities, because the current suite of economic development programs cannot succeed in this endeavor, the enactment of P.L.2025, c.399 (C.34:1B-335.4 et al.) is necessary to encourage the development of sports and entertainment projects that will prevent the loss of events to other states with newer or more newly renovated facilities, as well as the resulting loss of tax revenues, jobs, and other economic activity. L.2025, c.399, s.1.