1. a. A municipality, by ordinance, may authorize its parking authority to serve as a redevelopment entity under the “Local Redevelopment and Housing Law,” P.L.1992, c.79 (C. 40A:12A-1 et al.), and to exercise redevelopment powers within an area in need of redevelopment or in an area in need of rehabilitation in the municipality, subject to prior review and approval of the Local Finance Board pursuant to the “Local Authorities Fiscal Control Law,” P.L.1983, c.313 (C. 40A:5A-1 et seq.).

b. In addition to the other powers and purposes of a municipal parking authority, a parking authority that is authorized to serve as a redevelopment entity is authorized to exercise all those public and essential governmental functions necessary or convenient to effectuate the purposes of the “Local Redevelopment and Housing Law,” P.L.1992, c.79 (C. 40A:12A-1 et al.) and the terms of the redevelopment plan. If a parking authority is so authorized, the authority shall be subject to the provisions of the “Local Redevelopment and Housing Law,” P.L.1992, c.79 (C. 40A:12A-1 et al.). Parking authority members and any executive director shall be subject to the course requirements of sections 46 and 47 of P.L.1992, c.79 (C. 40A:12A-46 and 40A:12A-47) upon the authority being authorized to serve as a redevelopment entity. The parking authority may require applicants for employment to submit to criminal history background checks subject to the provisions of P.L.1997, c.265 (C. 40A:12A-22.1 et seq.). Revenue from fees charged for parking shall be utilized solely for the purposes set forth in section 6 of P.L.1948, c.198 (C. 40:11A-6).

L.2017, c.253, s.1.