Statutes, codes, and regulations
New Jersey Administrative Code
Title 7 - ENVIRONMENTAL PROTECTIONChapter 36 - GREEN ACRES PROGRAM
Subchapter 9 - LOCAL GOVERNMENT UNIT ACQUISITION PROJECTS: PROJECT AGREEMENT, NEGOTIATIONS FOR PURCHASE OF PROJECT SITE, SUPPLEMENTAL FUNDING, DISBURSEMENTS OF LOAN OR MATCHING GRANT, LOAN REPAYMENT, AND ACCOUNTING AND RECORDKEEPING REQUIREMENTS
Section 7:36-9.3 - Supplemental funding

N.J. Admin. Code § 7:36-9.3

Download
PDF
Current through Register Vol. 56, No. 24, December 18, 2024
Section 7:36-9.3 - Supplemental funding
(a) A local government unit may request, in writing, supplemental funding for a project after it has received the notification of the eligible land cost under N.J.A.C. 7:36-8.4 if:
1. The cost of acquisition exceeds the funding amount awarded under N.J.A.C. 7:36-8.1, plus, if applicable, the local government unit's matching share of the cost of acquisition;
2. A condemnation award exceeds the eligible land cost or hypothetical land cost established under N.J.A.C. 7:36-8.4. For purposes of this section, a condemnation award is the value established by the court through the Condemnation Commissioners or a jury; it does not include a Consent Judgment or other negotiated settlement; or
3. The local government unit has been unable to reach agreement on the purchase price after bona fide negotiations with the seller, as certified by the local government unit's attorney.
(b) Provided sufficient funds are available, Green Acres shall recommend an increase in the amount of funding for a project in response to a request submitted under (a) above as follows:
1. If the cost of acquisition exceeds the loan or matching grant amount awarded under N.J.A.C. 7:36-8.1, plus, if applicable, the local government unit's matching share of the cost of acquisition, Green Acres shall recommend an increase in the amount of funding based on the cost of acquisition; or
2. If the local government unit provides a certification from its attorney that the local government unit has been unable to reach agreement on the purchase price after bona fide negotiations with the seller, Green Acres shall recommend an increase in the amount of funding by an amount that is up to 10 percent more than the eligible land cost.
(c) Any supplemental funding provided under this section is subject to legislative appropriation.
(d) The Department and the local government unit shall execute an amendment to the project agreement in accordance with N.J.A.C. 7:36-9.1 to reflect any supplemental funding provided under this section.

N.J. Admin. Code § 7:36-9.3