New Jersey Administrative Code
Title 2 - AGRICULTURE
Chapter 77 - TRANSFER OF DEVELOPMENT RIGHTS
Subchapter 5 - PURCHASE OF DEVELOPMENT POTENTIAL
Section 2:77-5.3 - Standards governing the Board's decision to purchase
Universal Citation: NJ Admin Code 2:77-5.3
Current through Register Vol. 56, No. 6, March 18, 2024
(a) The Board shall determine whether to authorize the purchase of all or a portion of the development potential proposed for sale in accordance with the following criteria:
1. The municipal ordinance is deemed to be viable pursuant to N.J.A.C. 2:77-3;
2. If a municipality has acquired development potential, verification that the instrument of transfer was valid and enforceable as evidenced in the title search conducted on the property;
3. The degree to which municipal and county funding will be provided;
4. Consideration of the offer price and the availability of adequate funding for the purchase; and
5. Whether the expenditure of funds substantially impairs the private sale, exchange, or other method of conveyance of the development potential.
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