Legislation Assembly Democrats Lou Greenwald, Jerry Green, Matthew Milam and Paul Moriarty sponsored to promote job creation and economic development by extending the life of development projects stalled by the economic downturn was released Thursday by an Assembly panel.
The bill would extend governmental approvals for development projects until Dec. 31, 2014. Current law extends the permits until Dec. 31, 2012.
Projects have stalled due to the inability of the banking, real estate and construction industries to obtain financing in the current economic downturn. The lapse of the permit approvals could cause a decline in the value of real estate involved in the projects, job losses and require a reclassification of loans.