By: Michael J. Lipari, Esq.
On September 19, 2012, Governor Christie signed another amendment to the Permit Extension Act, which will further extend the life of development approvals and permits and provide relief to builders. The identical legislative bills known as A-1338 and S-743 extend the Permit Extension Act of 2008 (“PEA”) for an additional two years through 2014. This initiative was advanced because, as the legislation itself states: “the most recent national recession has caused one of the longest economic downturns since the Great Depression of the 1930’s and has drastically affected various segments of the New Jersey economy, but none as severely as the State’s banking, real estate and construction sectors.”