New Jersey § 40a:12-16

§ 40a:12-16.

The governing body of any county, by resolution, or any municipality, by ordinances

may exchange any lands or any rights or interests therein owned by the county or municipality,

except lands used for public highways or places, for other lands or rights or interests

therein desired for public use. The county or municipality may exact and receive a cash consideration in addition

to such other lands or rights or interests therein when such exchange shall be authorized,

and such governing body determines that the lands or rights or interests therein to

be conveyed to such county or municipality or such lands or rights or interests therein

and the cash consideration to be paid are at least of equal value to, and their acquisition

is more advantageous to, the county or municipality for public use, than the lands

or rights or interests therein to be conveyed by the county or municipality, and that

it is in the public interest that such exchange of lands or rights or interests therein

be consummated. Any prior dedication or determination for use for park purposes of such land or

any part thereof, shall not preclude an exchange thereof or rights or interests therein

under this section but where the lands or rights or interests therein to be exchanged

by a municipality are lands or rights or interests therein that have been dedicated

and determined for use for park purposes, or are rights or interests in lands so dedicated

or determined, the lands or rights or interests therein received in exchange therefor

by the municipality shall be used for the same purposes. For purposes of this section, any land or rights or interests therein to be exchanged

by the county or municipality shall be valued at not less than the amount for which

it was acquired or in the case of an acquisition by gift or devise, in an amount of

not less than the “full and fair value” of the land or rights or interests therein

as determined by the assessor of the municipality in which it is located pursuant

to R.S. 54:4-23 for the tax year in which the land was acquired by the county or the municipality. Any land or rights or interests therein which shall be conveyed to the county or

municipality in exchange for any county or municipal land or rights or interests therein

shall be valued at no more than the “full and fair value” determined for the land

or rights or interests therein by the assessor of the municipality in which the land

or rights or interests therein is located pursuant to R.S. 54:4-23 for the then current tax year. In any case in which the value of the county or municipal land or rights or interests

therein to be exchanged exceeds the value of the land or rights or interests therein

to be received by the county or municipality, the county or municipality shall exact

additional cash consideration, as authorized herein, equal to the difference of the

two values as determined pursuant to this section.