New Jersey Administrative Code
Title 2 - AGRICULTURE
Chapter 77 - TRANSFER OF DEVELOPMENT RIGHTS
Subchapter 4 - REGISTRY OF DEVELOPMENT POTENTIAL CREDITS
Section 2:77-4.1 - Registry
Universal Citation: NJ Admin Code 2:77-4.1
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Board shall establish and maintain a registry of development potential credits containing the following:
1. The issuance of development
potential credits;
2. The sale,
transfer, conveyance, or encumbrance of development credits;
3. The use of development potential credits as
security on loans and other obligations;
4. The redemption and retirement of development
potential credits;
5. The name and
address of every person to whom and from whom development potential is sold or
otherwise conveyed, the date of the conveyance, and the consideration, if any,
received therefore;
6. The name and
address of any person who has utilized development potential, the location of the
land to which and from which the development potential was transferred, and the date
this transfer was made; and
7. An annual
enumeration of the total number of development transfers, listing the municipality
or municipalities involved in the transfer and the instrument of transfer.
(b) No person shall purchase or otherwise acquire, encumber, or utilize any development potential without recording that fact, within 10 business days thereof, with the Board.
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