N.J. Admin. Code § 7:36-20.2

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

Section 7:36-20.2 - Negotiations for purchase of project site

(a) For any parcel that is to be acquired in whole or in part with Green Acres funding, the nonprofit may enter into a purchase contract with the property owner only after the nonprofit has received the notification of the Green Acres funding award under N.J.A.C. 7:36-19.1 and the notification of the eligible land cost under N.J.A.C. 7:36-19.4, or an at risk authorization under N.J.A.C. 7:36 17.3.

(b) Any person who performed an appraisal under N.J.A.C. 7:36-19.3 of any parcel in the project site shall not conduct negotiations for the acquisition of such parcel.

(c) The nonprofit shall conduct all negotiations in conformance with the Garden State Preservation Trust Act, particularly N.J.S.A. 13:8C-26.

(d) The nonprofit shall share both the eligible land cost and the hypothetical land value with the property owner and shall base its negotiation on the higher of the two values. This requirement shall be in effect until June 30, 2009, pursuant to the Garden State Preservation Trust Act (N.J.S.A. 13:8C-26).

N.J. Admin. Code § 7:36-20.2