New Jersey § 40a:12a-80

§ 40a:12a-80.

a. For purposes of this section, a municipality, through the land banking agreement

itself, or through the adoption of a separate ordinance, may authorize the land bank

entity to hold in trust on behalf of the municipality any property or properties held

by the municipality and not being used for any public purpose, whether or not the

property is located in an area designated as a redevelopment area or an area in need

of rehabilitation, without public bidding and at such prices and upon such terms as

the municipality deems reasonable in accordance with parameters that may be established

in the land banking agreement. A trust agreement with the land bank entity shall be conditioned on the municipality's

ability to regain control of the properties pursuant to section 14 of P.L.2019, c. 159 ( C.40A:12A-87 ). b. Through the land banking agreement itself, or through the adoption of a separate

ordinance, a municipality may assign any tax liens or other liens to the land bank

entity, subject to the provisions of R.S.54:5-112 and R.S.54:5-113 , except that the liens may be assigned with or without consideration and at such

prices and upon such terms as the municipality deems reasonable. If an ordinance adopted pursuant to this subsection permits the land bank entity

to retain a portion of the interest payments on one or more tax liens, or the proceeds

from one or more sheriff's sales or short sales, or both, then the municipality shall

retain the authority to, at any time, by ordinance, restrict the amount of one or

both of these funding sources that may be retained by the land bank entity following

the date of adoption of the ordinance. The terms of a tax lien assignment pursuant to this subsection shall remain intact,

without restriction by a subsequent ordinance, for no less than one year.