New Jersey Administrative Code
Title 7 - ENVIRONMENTAL PROTECTION
Chapter 50 - PINELANDS COMPREHENSIVE MANAGEMENT PLAN
Subchapter 5 - MINIMUM STANDARDS FOR LAND USES AND INTENSITIES
Part V - SPECIAL PINELANDS DEVELOPMENT CREDIT PURCHASE PROGRAM
Section 7:50-5.54 - Purchase price
Universal Citation: NJ Admin Code 7:50-5.54
Current through Register Vol. 56, No. 18, September 16, 2024
(a) The purchase price of a Pinelands Development Credit shall be the higher of the following values:
1. The 1985 market value of $ 12,500 established in the Pinelands Development Credit Bank Act, P.L. 1985, c.310 (13:18A-30 -49), adjusted to current dollar value. The adjustment shall be directly proportional to the percent change in the Consumer Price Index from the 1985 annual average index to the annual average index for the calendar year immediately preceding the purchase. The adjustment shall use the Consumer Price Index for All Urban Consumers, Philadelphia-Wilmington-Atlantic City Area, Owners Equivalent Rent of Primary Residence, as compiled by the United States Department of Labor Bureau of Labor Statistics; or
2. The value derived from the more recent of the following:
i. The purchase price for Pinelands Development Credits established by the Pinelands Development Credit Bank pursuant to the Pinelands Development Credit Bank Act, P.L. 1985, c.310 (13:18A-30 -49) which is promulgated at 3:42-5.6; or
ii. Eighty percent of the highest per unit bid received in conjunction with the most recent sale of Pinelands Development Credits by the Pinelands Development Credit Bank pursuant to N.J.A.C. 3:42-7.
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