New Jersey § 13:8c-50

§ 13:8c-50.

a. The State Treasurer shall establish a fund to be known as the “Preserve New Jersey

Farmland Preservation Fund” and shall deposit all moneys received pursuant to paragraph

(3) of subsection a. of section 5 of P.L.2016, c. 12 ( C.13:8C-47 ), paragraph (2) of subsection a. of section 1 of P.L.2019, c. 136 ( C.13:8C-47.1 ), and any other moneys appropriated by law for deposit into the fund. Moneys in the fund shall be invested in permitted investments or shall be held in

interest-bearing accounts in those depositories as the State Treasurer may select,

and may be invested and reinvested in permitted investments or as other trust funds

in the custody of the State Treasurer in the manner provided by law. All interest or other income or earnings derived from the investment or reinvestment

of moneys in the fund shall be credited to the fund. b. (1) The moneys in the fund are specifically dedicated and shall be used for the

same purposes as those set forth in section 37 of P.L.1999, c. 152 ( C.13:8C-37 ) and as provided in paragraph (2) of this subsection. (2) Of the moneys deposited into the Preserve New Jersey Farmland Preservation Fund:

(a) in State fiscal year 2017 through and including State fiscal year 2019, up to

three percent shall be allocated by the committee on an annual basis for stewardship

activities; and (b) commencing in State fiscal year 2020 and annually thereafter,

up to four percent shall be allocated by the committee on an annual basis for stewardship

activities. (3) Notwithstanding any provision of P.L.2016, c. 12 ( C.13:8C-43 et seq. ) to the contrary, stewardship activities undertaken on farmland on which (a) the

pinelands development credits have been acquired pursuant to P.L.1979, c. 111 ( C.13:18A-1 et seq. ), and the pinelands comprehensive management plan adopted pursuant thereto, or the

development rights have been acquired pursuant to a transfer of development rights

program for the Highlands Region established pursuant to section 13 of P.L.2004, c. 120 ( C.13:20-13 ), and (b) there is deed restriction approved by the committee, shall be eligible

for funding pursuant to paragraph (2) of this subsection. c. Moneys in the fund shall not be expended except in accordance with appropriations

from the fund made by law. Any act appropriating moneys from the Preserve New Jersey Farmland Preservation

Fund shall identify any particular project or projects to be funded by the moneys,

and any expenditure for a project for which the location is not identified by municipality

and county in the appropriation shall require the approval of the Joint Budget Oversight

Committee, or its successor, except as permitted otherwise in accordance with the

same exceptions as those specified in paragraph (2) of subsection b. of section 23

of P.L.1999, c. 152 ( C.13:8C-23 ). d. Unexpended moneys due to project withdrawals, cancellations, or cost savings shall

be returned to the fund. e. Notwithstanding the provisions of section 24 of P.L.1983, c. 32 ( C.4:1C-31 ) or section 38 of P.L.1999, c. 152 ( C.13:8C-38 ), or any rule or regulation adopted pursuant thereto, to the contrary, when the committee,

a local government unit, or a qualifying tax exempt nonprofit organization seeks to

acquire a development easement on, or fee simple title to, farmland using, in whole

or in part, monies deposited into the Preserve New Jersey Farmland Preservation Fund,

the Garden State Farmland Preservation Trust Fund established pursuant to section

20 of P.L.1999, c. 152 ( C.13:8C-20 ), or any other State monies provided for farmland preservation purposes, the value

of the development easement, or fee simple title, as applicable, shall be determined

by the following: (1) the procedure set forth in section 24 of P.L.1983, c. 32 ( C.4:1C-31 ) ; (2) a value determined in accordance with a formula, to be known as the “Statewide

Farmland Preservation Formula,” which formula is established by rule or regulation

adopted by the committee, pursuant to subsection f. of this section, and includes: (a) conducting or analyzing a sufficient number of fair market value appraisals of

agricultural lands within the municipality in which the land is located, or the surrounding

market area, or both, as the committee deems appropriate to determine the value of

the land for farmland preservation; (b) considering farmland and development easement values in counties and municipalities

reasonably contiguous to, but outside of, the municipality in which the land to be

acquired is located, which in the sole opinion of the committee constitute reasonable

farmland and development easement values for the purposes of this subsection; (c) considering the importance of preserving agricultural lands in the municipality

and county in which the land is located; (d) considering the status and value of natural resources in the municipality and

county in which the land is located, and in counties and municipalities that are reasonably

contiguous to, but outside of, the municipality and county in which the land is located; (e) considering such other relevant factors as may be necessary to increase participation

in the farmland preservation program by owners of agricultural lands located in the

municipality and county in which the land is located, including, but not limited to,

the rate of inflation, the quality of the agricultural soils, the size of the agricultural

lands to be acquired, and the risk of conversion of the land from productive agriculture

to nonagricultural use; and (f) providing additional value for the proximity of agricultural lands located adjacent

to preserved agricultural lands, lands preserved for recreation and conservation purposes,

aquifer recharge areas, lands subject to development or conservation easements, and

lands whose conversion to nonagricultural use would lead to conflicting land uses,

including, but not limited to, utility and roadway rights-of-way, military bases,

and airports and associated airspace; and, if applicable, (3)(a) in the case of property located in the pinelands area, whenever the value of

a development easement on farmland to be acquired is determined based upon the value

of any pinelands development credits allocated to the parcel pursuant to P.L.1979,

c. 111 ( C.13:18A-1 et seq. ) and the pinelands comprehensive management plan adopted pursuant thereto, the value

determined by the committee pursuant to subsection e. of section 38 of P.L.1999, c. 152 ( C.13:8C-38 ); or (b) in the case of property located in the Highlands Region, the value determined

pursuant to subsection j. of section 38 of P.L.1999, c. 152 ( C.13:8C-38 ). The landowner shall be provided with the values determined pursuant to paragraphs

(1) and (2) of this subsection, and if applicable, the value determined pursuant to

paragraph (3) of this subsection. The higher of the values shall be utilized by the committee, a local government

unit, or a qualifying tax exempt nonprofit organization as the basis for negotiation

with the landowner with respect to the acquisition price. A landowner may waive any of the requirements of this subsection and may agree to

sell the lands for less than the values determined pursuant to this subsection. f. Notwithstanding the provisions of the “Administrative Procedure Act,” P.L.1968,

c. 410 ( C.52:14B-1 et seq. ) to the contrary, the committee shall, immediately upon filing proper notice with

the Office of Administrative Law, adopt rules and regulations to establish the “Statewide

Farmland Preservation Formula” required pursuant to paragraph (2) of subsection e.

of this section. The rules and regulations adopted pursuant to this subsection shall be in effect

for a period not to exceed three years after the date of the filing. These rules and regulations shall thereafter be adopted, amended, or readopted by

the committee in accordance with the requirements of the “Administrative Procedure

Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ).