***MULTIMEDIA PACKAGE***

SCHAER & SCALERA ON ENACTMENT OF BILL TO PROTECT TAXPAYERS AGAINST ANOTHER ENCAP

New Law Enhances Protections, Oversight in Public/Private Redevelopment Projects

(NORTH ARLINGTON) - Assemblymen Gary S. Schaer and Fred Scalera today issued a multimedia package on their legislation to enhance the protections and oversight surrounding public investments in private redevelopment projects.

Schaer and Scalera (both D-Bergen/Essex/Passaic) sponsored the new law (A-2650) following the collapse of the EnCap Mixed-Use Redevelopment Project, which squandered more than $300 million in public money from the state and Bergen County in an attempt to transform abandoned municipal landfills in the Meadowlands into golf courses and luxury housing.

The measure was signed into law by Gov. Jon S. Corzine during a public ceremony Monday in North Arlington, one of three Bergen County municipalities most seriously affected by the EnCap collapse and the first town to call for an investigation into the now-defunct project.

GORDON-WEINBERG ENCAP REFORM LEGISLATION SIGNED INTO LAW

TRENTON – A bill sponsored by Senators Bob Gordon and Loretta Weinberg to require private entities under public contract to comply with stricter financing and transparency standards in an effort to avoid scandals like the EnCap debacle in the Meadowlands was signed into law yesterday by Governor Corzine.

“Public-private partnerships are important to create needed economic growth in New Jersey, but the people of our State deserve some guarantee for their investment,” said Senator Gordon, D-Bergen. “In the case of EnCap, hundreds of millions of dollars were funneled to an unqualified developer for one of the largest redevelopment projects ever undertaken in New Jersey. If private developers were required to invest more private capital and submit audited financial statements or risk losing public financing, the EnCap debacle might never have happened.”

SCHAER/SCALERA BILL TO PREVENT ENCAP REPEAT HEADS TO GOVERNOR'S DESK
Measure Would Protect Taxpayers In Public/Private Deals Gone Bad;
Lawmakers Credit Sen. Sarlo for Helping to Push Measure To Finish Line

(TRENTON) - Legislation Assemblymen Gary S. Schaer and Fred Scalera sponsored to enhance the protections and oversight surrounding public investments in private redevelopment projects today received final legislative approvals and was sent to the Governor's desk.

SCHAER/SCALERA BILL TO PREVENT ENCAP REPEAT CLEARED BY SENATE COMMITTEE
Measure Would Protect Public from Being Financially Liable In Future Public/Private Deals Gone Bad

(TRENTON) - Legislation Assemblymen Gary S. Schaer and Fred Scalera sponsored to enhance the protections and oversight surrounding public investments in private redevelopment projects was today released by a Senate panel.

SCHAER/SCALERA MULTIMEDIA PACKAGE ON ASSEMBLY PASSAGE OF BILL TO PREVENT REPEAT OF ENCAP DISASTER

Measure Would Protect Public from Being Financially Liable in Future Public/Private Deals Gone Bad

(TRENTON) - Assemblymen Gary S. Schaer and Fred Scalera today issued a multimedia package on legislation they sponsored to enhance the protections and oversight surrounding public investments in private redevelopment projects.  It was passed today by the General Assembly.

ASSEMBLY PASSES SCHAER/SCALERA BILL
CRAFTED TO PREVENT REPEAT OF ENCAP DISASTER
Measure Would Protect Public from Being Financially Liable
In Future Public/Private Deals Gone Bad

(TRENTON) - Legislation Assemblymen Gary S. Schaer and Fred Scalera sponsored to enhance the protections and oversight surrounding public investments in private redevelopment projects was passed today by the General Assembly.

ASSEMBLY TO CONSIDER ECONOMIC RELIEF BILLS, PLANS TO SAVE NJ STARS, PREVENT ENCAP REPEAT

(TRENTON) – The Assembly Monday will continue focusing on the global economic crisis by considering more bills to help New Jerseyans and businesses emerge stronger from the worldwide financial meltdown, while also considering legislation to save a popular scholarship program and prevent a repeat of the EnCap disaster.

The session will be the fourth since late September focused heavily on combating economic woes. The Assembly has so far advanced about 40 bills related to the economy and on Monday will consider final legislative approval for measures to boost businesses and prevent foreclosures.

“Mr. DiLascio unfortunately put his political career ahead of his constituents by switching parties to protect Sen. Sarlo, who is one of the people most responsible for inflicting the EnCap debacle upon us,”

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