New Jersey § 13:1k-11

§ 13:1k-11.

a. The owner of an industrial establishment may transfer a portion of the real property

on which an industrial establishment is situated without conducting a remediation

of the entire industrial establishment pursuant to the provisions of P.L.1983, c.

330, 1 if, upon application by the owner, the department issues a certificate of limited

conveyance pursuant to subsections b. through e. of this section, or if the owner

transfers the portion of real property in accordance with the provisions of subsection

f. of this section. b. An application for a certificate of limited conveyance shall be in the form of

a certification by the owner which shall include a description of the real property

to be transferred, an appraisal of the real property to be transferred, the sale price

or market value of the real property to be transferred, an appraisal of the entire

industrial establishment, and an appraisal of the remaining property if the certificate

of limited conveyance were issued, as well as any other information the department

deems necessary to make the findings required in subsection c. of this section. c. The department shall issue a certificate of limited conveyance for a portion of

the real property on which an industrial establishment is situated after the submission

of a complete and accurate application and upon a finding that the sales price or

market value of the real property to be conveyed, together with any additional diminution

in value to the remaining property as a result of the conveyance is not more than

one third of the total appraised value of the industrial establishment prior to the

transfer, and that the remaining real property is an industrial establishment subject

to the provisions of P.L.1983, c. 330. The appraisals shall be made no more than one year prior to the submission of application

for a certificate of limited conveyance. Conveyances made pursuant to this section shall not exceed one third of the value

of the industrial establishment during the period of ownership of the applicant. d. Upon issuance of the certificate of limited conveyance, the owner or operator shall,

prior to the conveyance, comply with the provisions of section 4 of P.L.1983, c. 330 2 for that portion of the real property certified for conveyance. The remediation that may be required on the real property subject to the certificate

of limited conveyance shall include any hazardous substances or hazardous wastes that

are migrating from the remaining portion of the industrial establishment onto the

real property being conveyed. The remaining portion of the industrial establishment, upon the subsequent closing

of operations or transferring of ownership or operations, shall be subject to the

provisions of P.L.1983, c. 330 and P.L.1993, c. 139 ( C.13:1K-9.6 et al.). e. A certificate of limited conveyance shall be valid for three years from the date

of issuance. f. An owner, either as part of or subsequent to a conveyance made in accordance with

subsections b. through e. of this section, may transfer additional portions of the

real property of the industrial establishment in excess of the conveyance limitation

set forth in subsection c. of this section; provided, however, that the additional

portions proposed for transfer do not constitute a closing of operations or transferring

of ownership or operations, subject to section 4 of P.L.1983, c. 330. The amount paid for the additional portion of real property, or any part thereof,

which exceeds the permissible conveyance limitation under subsection c. of this section

shall be used exclusively for the purposes of remediating that parcel of real property

in accordance with the provisions of subsection d. of this section; provided, however,

if any portion of that amount shall remain unexpended for the remediation of the parcel,

that unexpended amount shall be deposited in a remediation trust fund as provided

in subsection g. of this section. g. To provide for the subsequent remediation of that portion of the real property

of an industrial establishment which was not transferred pursuant to subsection f.

of this section, the owner shall establish a remediation trust fund in accordance

with subsection c. of section 25 of P.L.1993, c. 139 ( C.58:10B-3 ) and shall deposit any unexpended amounts, as provided in subsection f. of this section,

into that fund. 1

N.J.S.A. § 13:1K-6 et seq. 2

N.J.S.A. § 13:1K-9.