New Jersey § 40a:5-14

§ 40a:5-14.

a. Whenever a municipality in which casino gaming is authorized intends to sell, assign,

lease, or transfer ownership, or any other interest, in any real property, including

real property to be sold, assigned, leased, or transferred pursuant to a redevelopment

plan, or in any capital improvement or personal property, and: (1) the asset has an assessed value of at least $50 million, and either (2)(a) the proceeds to be realized by the municipality as a result of the sale, assignment,

lease, or transfer, regardless of the length of the term of the payment, will exceed

its final appropriations for the previous year's budget, as determined pursuant to

section 2 of P.L.1976, c. 68 ( C.40A:4-45.2 ), or (b) the sale, assignment, lease, or transfer is to another public entity, regardless

of the amount of the proceeds to be realized by the municipality, then, the governing body of the municipality shall submit an application for approval by

the Local Finance Board containing a plan for conducting the sale, assignment, lease,

transfer, or redevelopment of the asset in accordance with procedures or forms promulgated

by the Local Finance Board for this purpose. (c) Notwithstanding subsection g. of section 8 of P.L.1992, c. 79 ( C.40A:12A-8 ), regarding the procedure for the sale or lease of assets by a municipality or redevelopment

entity pursuant to a redevelopment plan, an asset subject to this subsection only

shall be sold, assigned, leased, or transferred through a fair and open competitive

process. b. Upon submission of the proposed plan required pursuant to subsection a. of this section, the Local Finance Board shall schedule a hearing within 45 calendar

days upon receipt of the proposed plan, for the purpose of approving the plan pursuant

to subsection c. of this section. If the Local Finance Board does not schedule a hearing within 45 calendar days,

then the plan is deemed approved. c. At a hearing scheduled pursuant to subsection b. of this section, the Local Finance

Board may approve the proposed plan for the sale, assignment, lease, transfer, or

redevelopment of the asset. No actions to implement the proposed plan shall be taken until it has been approved

by the Local Finance Board. d. Subsequent to the issuance of an approval required by subsection c. of this section

and prior to adopting any resolution or ordinance, or amending a resolution or ordinance

introduced for the purpose of the sale, assignment, lease, transfer, or redevelopment

of the asset, the municipality shall first obtain from the Local Finance Board a certification

that: (1) the municipality complied with the requirements of P.L.2008, c. 65 ( C.40A:5-14.2 et al.); and (2) the proposed disposition of the asset, as introduced by the governing

body, reflects the highest and best use of the asset, considering all relevant factors

and circumstances. e. To provide the certification required by subsection d. of this section, the Local

Finance Board must find that the municipality implemented, without material deviation,

the approved plan required by this section and has otherwise satisfied all other requirements

of P.L.2008, c. 65 ( C.40A:5-14.2 et al.). The findings of the Local Finance Board shall be supported by a “fairness opinion”

and appraisal, commissioned by the board from a reputable, experienced, and independent

third-party entity licensed to do business in the State of New Jersey. The cost and expenses incurred by the Local Finance Board to commission the independent

review may be reimbursed from the proceeds realized by the municipality as a result

of the sale, assignment, lease or transfer of the asset. f. The sale, assignment, lease, transfer, or redevelopment of a municipal asset requiring

an application for approval by the Local Finance Board pursuant to this section shall

be voidable if the municipal governing body fails to submit the application.