18. Beginning the year next following the year in which sections 9 through 19 of P.L.2020, c.156 (C. 34:1B-277 through C. 34:1B-287) take effect and every two years thereafter, a State college or university established pursuant to chapter 64 of Title 18A of the New Jersey Statutes shall, pursuant to an agreement executed between the State college or university and the authority, prepare a report on the implementation of the program, and submit the report to the authority, the Governor, and, pursuant to section 2 of P.L.1991, c.164 (C. 52:14-19.1), to the Legislature. Each biennial report required under this section shall include a description of each redevelopment project receiving a tax credit under the program, a detailed analysis of the consideration given in each project to the factors set forth in sections 12 and 13 of P.L.2020, c.156 (C. 34:1B-280 and C. 34:1B-281), the return on investment for incentives awarded, the redevelopment project’s impact on the State’s economy, and any other metrics the State college or university determines are relevant based upon national best practices. The authority shall prepare a written response to the report, which the authority shall submit to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C. 52:14-19.1), to the Legislature.

L.2020, c.156, s.18.