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New Jersey
Statutes 4:1C-49 - Short title
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Current as of:
2009
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1. This act shall be known
and may be cited as the "State Transfer of Development Rights Bank
Act."
L.1993,c.339,s.1.
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New Jersey
Statutes 4:1C-50 - Definitions
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Current as of:
2009
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2.As used in this act:
"Board" means the board of directors of the State Transfer of
Development Rights Bank established pursuant to section 3 of P.L.1993,
c.339 (C.4:1C-51);
"Development potential" means the maximum number of dwelling
units or square feet of nonresidential floor area that may be constructed
on a specified lot or in a specified zone under the master plan and land
use regulations in effect on the date of the adoption of the development
transfer ordinance, and in accordance with recognized environmental
constraints;
"Development transfer" means the conveyance of development
potential, or the permission for development, from one or more lots to
one or more other lots by deed, easement, or other means as authorized by
ordinance adopted pursuant to law;
"Instrument" means the easement, credit, or other deed
restriction used to record a development transfer; and
"State Transfer of Development Rights Bank," "bank"
or "State TDR Bank" means the bank established pursuant to
section 3 of P.L.1993, c.339 (C.4:1C-51).
L.1993,c.339,s.2; amended 2004, c.2, s.29.
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New Jersey
Statutes 4:1C-51 - State Transfer of Development Rights Bank established
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New Jersey
Statutes > Title
4 > Chapter
1C > § 4:1C-51 - State Transfer of Development Rights Bank
established
Current as of:
2009
Check
for updates
3. a. There is established in the
Executive Branch of the State Government a public body corporate and
politic, with corporate succession, to be known as the State Transfer of
Development Rights Bank. For the purpose of complying with the provisions
of Article V, Section IV, paragraph 1 of the New Jersey Constitution, the
bank is allocated within the office of the State Agriculture Development
Committee within the Department of Agriculture, but notwithstanding that
allocation, the bank shall be independent of any supervision or control
by the committee or the department or by any officer or employee thereof,
except as otherwise expressly provided in this act. The bank is
constituted as an instrumentality of the State exercising public and
essential governmental functions, and the exercise by the bank of the
powers conferred by this act is deemed to be an essential governmental
function of the State.
b. (1) The bank shall be governed by a board of directors
consisting of ten voting members, or the designees thereof, as follows:
the Secretary of Agriculture, who shall serve as chairperson and who
shall vote only in the event there is a tie vote; the State Treasurer;
the Commissioner of Environmental Protection; the Commissioner of Transportation;
the Commissioner of Banking; the Commissioner of Community Affairs; the
President of the State Board of Agriculture; the Chairman of the State
Planning Commission; the President of the Association of New Jersey
Environmental Commissions; and one member of the general public, who
shall be a farmer actively engaged in agriculture in New Jersey and who
shall be appointed by the Governor, with the advice and consent of the
Senate.
(2) All members of the board, except the member of the general public,
shall serve ex officio. The term of the member of the general public
shall be for four years, with reappointment possible for a second term
only.
(3) A majority of the membership of the board shall constitute a
quorum except that no action may be taken by the board except upon the
affirmative vote of a majority of the total membership of the board.
Designees of the nine ex officio members shall have the power to vote in
the absence of members.
c. (1) Upon request of the board, the State Agriculture
Development Committee shall provide that appropriate staff be made
available to assist and advise the board in performing its functions,
duties, and responsibilities pursuant to this act.
(2) Officials of State agencies serving on the board shall, to the
maximum extent practicable and without remuneration from the board, avail
the board of the expertise of their agencies in the areas of land use and
planning, banking, law, agriculture, natural resource protection,
historic site preservation, and other areas of expertise required by the
board to adequately address the broader public and planning purposes of
transfer of development rights and of the State Transfer of Development
Rights Bank.
(3) Funding necessary to provide the board with direct staff
assistance or professional services that cannot be made available through
existing State agency staff as provided in this subsection shall be made
available as provided for pursuant to section 8 of this act.
L.1993,c.339,s.3.
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New Jersey
Statutes 4:1C-52 - Powers of board
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Current as of:
2009
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for updates
4.The board shall have the following powers:
a.To purchase, or to provide matching funds for the purchase of 80% of,
the value of development potential and to otherwise facilitate
development transfers, from the owner of record of the property from
which the development potential is to be transferred or from any person,
or entity, public or private, holding the interest in development
potential that is subject to development transfer; provided that, in the
case of providing matching funds for the purchase of 80% of the value of
development potential, the remaining 20% 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. The remaining 20% 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 to be transferred or from any person,
or entity, public or private, holding the interest in development
potential that is subject to development transfer. The value of
development potential may be determined by either appraisal, municipal
averaging based upon appraisal data, or by a formula supported by
appraisal data. The board may also engage in development transfer by
sale, exchange, or other method of conveyance, provided that in doing so,
the board shall not substantially impair the private sale, exchange or
other method of conveyance of development potential. The board may not,
nor shall anything in this act be construed as permitting the board to,
engage in development transfer from one municipality to another, which
transfer is not in accordance with the ordinances of both municipalities;
b.To adopt and, from time to time, amend or repeal suitable bylaws for
the management of its affairs;
c.To adopt and use an official seal and alter that seal at its pleasure;
d.To apply for, receive, and accept, from any federal, State, or other
public or private source, grants or loans for, or in aid of, the board's
authorized purposes;
e.To enter into any agreement or contract, execute any legal document,
and perform any act or thing necessary, convenient, or desirable for the
purposes of the board or to carry out any power expressly given in this
act;
f.To adopt, pursuant to the "Administrative Procedure Act," P.L.1968,
c.410 (C.52:14B-1 et seq.), rules and regulations necessary to implement
the provisions of this act;
g.To call to its assistance and avail itself of the services of the
employees of any State, county, or municipal department, board,
commission, or agency as may be required and made available for these
purposes;
h.To retain such staff as may be necessary in the career service and to
appoint an executive director thereof. The executive director shall serve
as a member of the senior executive or unclassified service and may be
appointed without regard to the provisions of Title 11A of the New Jersey
Statutes;
i.To review and analyze innovative techniques that may be employed to
maximize the total acreage reserved through the use of perpetual
easements;
j.To provide, through the State TDR Bank, a financial guarantee with
respect to any loan to be extended to any person that is secured using
development potential as collateral for the loan. Financial guarantees
provided under this act shall be in accordance with procedures, terms and
conditions, and requirements, including rights and obligations of the
parties in the event of default on any loan secured in whole or in part
using development potential as collateral, to be established by rule or
regulation adopted by the board pursuant to the "Administrative
Procedure Act";
k.To enter into agreement with the State Agriculture Development
Committee for the purpose of acquiring development potential through
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New Jersey
Statutes 4:1C-53 - Establishment, maintenance of Development Potential
Transfer Registry
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New Jersey
Statutes > Title
4 > Chapter
1C > § 4:1C-53 - Establishment, maintenance of Development
Potential Transfer Registry
Current as of:
2009
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for updates
5. a. The board shall establish
and maintain a Development Potential Transfer Registry, which shall
include:
(1) 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 therefor;
(2) 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
(3) 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 bank.
c. The board shall make available (1) in the form of an
annual report the information included in the registry to the county and
each municipality that has adopted a development transfer ordinance, and
(2) upon request, pertinent information to any other person. The first
annual report shall be submitted to the Governor and Legislature and
shall be made available to the public on the first anniversary of the
effective date of this act.
L.1993,c.339,s.5.
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New Jersey
Statutes 4:1C-54 - Sale, exchange, conveyance of development potential
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Current as of:
2009
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for updates
6. a. The board may sell by
negotiation or auction, exchange, or otherwise convey any development
potential that is purchased or otherwise acquired pursuant to the
provisions of this act, after notice thereof placed in the New Jersey
Register and in one newspaper of general circulation in the area affected
by the conveyance. All sales, exchanges, or conveyances shall be made
prior to the expiration of the bank. The provisions of any other law to
the contrary notwithstanding, no such sale, exchange, or conveyance shall
be subject to approval of the State House Commission or the General
Services Administration in the Department of the Treasury.
b. When the board sells, exchanges, or otherwise conveys
development potential, it shall remit 20% of the proceeds to the local
government unit that participated in its acquisition unless the local
government unit obtained its interest in the development potential by
donation and retain the remaining balance.
c. When the board sells, exchanges, otherwise conveys,
purchases or otherwise acquires development potential, it shall do so in
a manner that shall not substantially impair the private sale and
transfer thereof. The board may convey development potential without
remuneration for use in projects that satisfy a compelling public purpose
only by an affirmative vote of two-thirds of its members and approval by
the local government unit that provided 20% of the cost of the
acquisition of the development potential.
d. Governmental entities that provide municipal or county
funding to finance the purchase of development potential prior to the
operation of the State TDR Bank shall receive priority consideration by
the State TDR Bank in the purchase of development potential.
e. Prior to the sale, exchange or conveyance of any
development potential purchased or otherwise acquired using moneys
derived from bonds authorized by the "Farmland Preservation Bond Act
of 1981," P.L.1981, c.276, as amended by P.L.1987, c.240 or the
"Open Space Preservation Bond Act of 1989," P.L.1989 c.183, the
State TDR Bank shall obtain a determination from the State Treasurer that
such sale, exchange or conveyance will not adversely affect the
tax-exempt status of such bonds.
L.1993,c.339,s.6.
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New Jersey
Statutes 4:1C-55 - Report to Governor, Legislature
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Current as of:
2009
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for updates
7. The board, three years
after the effective date of this act, shall prepare and submit a report
to the Governor and Legislature assessing the implementation of this act,
evaluating the operation of the State TDR Bank, providing a financial
accounting and summary of any expenditures or disbursements made pursuant
to this act, and making any recommendations for appropriate legislative
or administrative action necessary to further the purposes of this act.
L.1993,c.339,s.7.
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