N.J. Admin. Code § 2:77-5.2

Current through Register Vol. 56, No. 24, December 18, 2024

Section 2:77-5.2 - Application process for the Board's purchase of development potential

(a) Any person or entity holding the interest in development potential that is subject to development transfer in a municipality that has adopted a development transfer ordinance that has been deemed viable by the Board pursuant to N.J.A.C. 2:77-3, may apply to sell the development potential to the Board.

(b) The person or entity holding the interest in development potential shall complete an application and submit it to the Board.

(c) At a minimum, the following information shall be included in the application:

1. The applicant's name and mailing address;

2. The name of the person(s) who own(s) the development potential, if different from the applicant and a signed consent to the filing of the application;

3. The county, municipality, block, and lot of the property from which the development potential was transferred;

4. A certification from the municipality that the property is located in the municipality's adopted sending areas, specifying the number of development potential credits allocated to the property as identified in the municipality's adopted ordinance;

5. The number of development potential credits to be sold and the municipality's assigned serial numbers for the credits;

6. A copy of the recorded instrument of transfer;

7. A copy of the title search provided to the municipality at the time the property was encumbered by the instrument of transfer;

8. If available, a copy of the survey plat and legal metes and bounds description of the property encumbered by the instrument of transfer;

9. An offer price for the sale of the development potential; and

10. A determination if any municipal and/or county funds will be provided.

(d) The Board may require of a particular applicant information and/or documentation in addition to that specified in (c) above, if necessary in order to review and act on the application.

N.J. Admin. Code § 2:77-5.2

Amended by R.2013 d.139, effective 12/16/2013.
See: 45 N.J.R. 495(a), 45 N.J.R. 2541(a).
In (a), updated the N.J.A.C. reference; in (c)3, inserted a comma following "block"; and in (c)10, substituted a period for "; and" at the end".