New Jersey Administrative Code
Title 5 - COMMUNITY AFFAIRS
Chapter 86 - TRANSFER OF DEVELOPMENT RIGHTS REAL ESTATE MARKET ANALYSIS REPORT
Subchapter 2 - MARKET ANALYSIS REPORT
Section 5:86-2.7 - Sending zone analysis
Universal Citation: NJ Admin Code 5:86-2.7
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The sending zone analysis section of the market analysis report shall contain at least the following:
1. A range of values
realistically attainable at the given time and market conditions;
2. An analysis of the extent and types of
development authorized by the base zoning of the sending zone and its physical
characteristics as provided in the draft development transfer element prepared
pursuant to
40:55D-141. Said analysis shall
include, but not be limited to:
i.
Consideration of the sending zone's topography, publicly or privately held open
space, configuration, existing development patterns, transportation access,
environmentally constrained areas and other appropriate characteristics;
and
ii. All major subdivision and
site plan applications involving land in the sending zone that were approved by
the appropriate land use board during at least the preceding two-year
period;
3. An analysis
of land values in the sending zone at base zoning, given the physical
characteristics set forth in (a)2 above, which shall include the following:
i. An evaluation of the past and current
demand for real property at the base zoning; and
ii. A value estimate that identifies a range
of market values in the sending zone at base zoning and a discussion of how the
estimate was determined. The valuation shall be submitted on a per unit of
development basis. The method of valuation shall be chosen at the analyst's
discretion taking into consideration the base zoning and the characteristics of
the sending zone; and
4.
An analysis of what land values in the sending zone will be after the
transferable development rights have been severed and the TDR deed restriction
has been imposed (market value restricted), which shall include the following:
i. An evaluation of the proposed TDR deed
restrictions and their effect on property in the sending zone, the sending
zone's adaptability for alternative uses that are not in conflict with the TDR
deed restrictions and other items which are significant to the valuation of the
sending zone;
ii. Consideration of
the sending zone's authorized density and use as encumbered by the TDR deed
restrictions provided in the draft development transfer element pursuant to
40:55D-141. The analysis shall
consider the following:
(1) The ability to
establish the use consistent with applicable statutes, regulations and
ordinances;
(2) The physical
possibility of establishing the use;
(3) The probability or likelihood of
establishing the use; and
(4) The
economic feasibility of establishing the use; and
iii. A value estimate that identifies a range
of market values of the lands in the sending zone once the required deed
restriction is imposed and a discussion of how the estimate was determined. The
method of valuation shall be chosen at the analyst's discretion taking into
consideration the characteristics of the sending zone.
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