Provides monies for EDA to purchase certain properties from NJT to maximize development potential; appropriates $65 million.

This bill appropriates $65 million from the General Fund to the New Jersey Economic Development Authority (EDA) to purchase specific properties from the New Jersey Transit Corporation (NJT). The EDA must buy these properties at appraised "highest and best use" value and will maintain a 33% participation interest in future sales or leases of the properties, with NJT receiving those proceeds. Before purchasing or developing the properties, the EDA must notify the Joint Budget Oversight Committee for review. The bill directly affects the EDA, NJT, and future developers who may acquire or lease these properties for development projects.