Extends economic recovery term under "Municipal Rehabilitation and Economic Recovery Act."

This bill extends the "economic recovery term" under New Jersey's Municipal Rehabilitation and Economic Recovery Act from 15 to 20 years. The economic recovery term is the period starting after a chief operating officer's term ends and lasting up to 20 years, during which qualified municipalities can implement economic development projects. It directly affects municipalities that have been under financial supervision (e.g., via a financial review board or Local Finance Board) and rely on state aid for at least 55% of their budget. The extension provides additional time for these municipalities to complete projects like job-creating infrastructure, commercial development, or tax base growth initiatives without altering eligibility criteria or project types.