N.J. Stat. § 40:60-25.18
In any municipality which shall have heretofore purchased or shall hereafter purchase property pursuant to the provisions of chapters two hundred six or two hundred seven of the laws of one thousand nine hundred and forty-four, and all or a portion of such property is industrial property, the governing body of the municipality, to wit, that governmental board of body of the municipality having control or jurisdiction over its financial affairs, may be resolution authorize the mayor or other chief executive of such municipality to appoint a commission (hereinafter referred to as the "commission") to manage, maintain, operate, repair, rehabilitate, sell, lease, and if advisable, improve the industrial and other property so acquired or to be acquired (hereinafter in this act referred to as the "property"), and to designate a chairman of such commission.
N.J.S. § 40:60-25.18