N.J. Admin. Code § 2:77-5.3

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

Section 2:77-5.3 - Standards governing the Board's decision to purchase

(a) The Board shall determine whether to authorize the purchase of all or a portion of the development potential proposed for sale in accordance with the following criteria:

1. The municipal ordinance is deemed to be viable pursuant to N.J.A.C. 2:77-3;

2. If a municipality has acquired development potential, verification that the instrument of transfer was valid and enforceable as evidenced in the title search conducted on the property;

3. The degree to which municipal and county funding will be provided;

4. Consideration of the offer price and the availability of adequate funding for the purchase; and

5. Whether the expenditure of funds substantially impairs the private sale, exchange, or other method of conveyance of the development potential.

N.J. Admin. Code § 2:77-5.3

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)1, substituted "to N.J.A.C. 2:77-3" for "N.J.A.C. 2:77-3.1 through 3.3"; and in (a)5, inserted a comma following "exchange".