New Jersey Administrative Code
Title 2 - AGRICULTURE
Chapter 77 - TRANSFER OF DEVELOPMENT RIGHTS
Subchapter 5 - PURCHASE OF DEVELOPMENT POTENTIAL
Section 2:77-5.7 - Board's financial participation
Universal Citation: NJ Admin Code 2:77-5.7
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The Board may purchase development potential utilizing 100 percent Board funds, or the Board may provide matching funds for the purchase of 80 percent of the value of development potential from the owner of record of the property from which the development potential has been transferred.
1. In the case of
providing matching funds for the purchase of 80 percent of the value of development
potential, the remaining 20 percent of that value is contributed by the affected
municipality or county, or both, after public notice thereof in the New Jersey
Register and in one newspaper of general circulation in the area affected by the
purchase.
2. The remaining 20 percent of
the value of the development potential to be contributed by the affected
municipality or county, or both, to match funds provided by the Board, may be
obtained by purchase from, or donation by, the owner of record of the property from
which the development potential is transferred or from any person, or entity, public
or private, holding the interest in development potential that is subject to
development transfer.
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