New Jersey § 4:1c-52

§ 4:1c-52.

The board shall have the following powers: a. To purchase, or to provide matching funds for the purchase of 80% of, the value

of development potential and to otherwise facilitate development transfers, from the

owner of record of the property from which the development potential is to be transferred

or from any person, or entity, public or private, holding the interest in development

potential that is subject to development transfer; provided that, in the case of

providing matching funds for the purchase of 80% of the value of development potential,

the remaining 20% of that value is contributed by the affected municipality or county,

or both, after public notice thereof in the New Jersey Register and in one newspaper

of general circulation in the area affected by the purchase. The remaining 20% of the value of the development potential to be contributed by

the affected municipality or county, or both, to match funds provided by the board,

may be obtained by purchase from, or donation by, the owner of record of the property

from which the development potential is to be transferred or from any person, or entity,

public or private, holding the interest in development potential that is subject to

development transfer. The value of development potential may be determined by either appraisal, municipal

averaging based upon appraisal data, or by a formula supported by appraisal data. The board may also engage in development transfer by sale, exchange, or other method

of conveyance, provided that in doing so, the board shall not substantially impair

the private sale, exchange or other method of conveyance of development potential. The board may not, nor shall anything in this act be construed as permitting the

board to, engage in development transfer from one municipality to another, which transfer

is not in accordance with the ordinances of both municipalities; b. To adopt and, from time to time, amend or repeal suitable bylaws for the management

of its affairs; c. To adopt and use an official seal and alter that seal at its pleasure; d. To apply for, receive, and accept, from any federal, State, or other public or

private source, grants or loans for, or in aid of, the board's authorized purposes; e. To enter into any agreement or contract, execute any legal document, and perform

any act or thing necessary, convenient, or desirable for the purposes of the board

or to carry out any power expressly given in this act; f. To adopt, pursuant to the “Administrative Procedure Act,” P.L.1968, c. 410 ( C.52:14B-1 et seq. ), rules and regulations necessary to implement the provisions of this act; g. To call to its assistance and avail itself of the services of the employees of

any State, county, or municipal department, board, commission, or agency as may be

required and made available for these purposes; h. To retain such staff as may be necessary in the career service and to appoint an

executive director thereof. The executive director shall serve as a member of the senior executive or unclassified

service and may be appointed without regard to the provisions of Title 11A of the

New Jersey Statutes; i. To review and analyze innovative techniques that may be employed to maximize the

total acreage reserved through the use of perpetual easements; j. To provide, through the State TDR Bank, a financial guarantee with respect to any

loan to be extended to any person that is secured using development potential as collateral

for the loan. Financial guarantees provided under this act shall be in accordance with procedures,

terms and conditions, and requirements, including rights and obligations of the parties

in the event of default on any loan secured in whole or in part using development

potential as collateral, to be established by rule or regulation adopted by the board

pursuant to the “Administrative Procedure Act”; k. To enter into agreement with the State Agriculture Development Committee for the

purpose of acquiring development potential through the acquisition of development

easements on farmland so that the board may utilize the existing processes, procedures,

and capabilities of the State Agriculture Development Committee as necessary and appropriate

to accomplish the goals and objectives of the board as provided for pursuant to this

act; l. To enter into agreements with other State agencies or entities providing services

and programs authorized by law so that the board may utilize the existing processes,

procedures, and capabilities of those other agencies or entities as necessary and

appropriate to accomplish the goals and objectives of the board as provided for pursuant

to this act; m. To provide planning assistance grants to municipalities for up to 50% of the cost

of preparing, for development potential transfer purposes, a utility service plan

element or a development transfer plan element of a master plan pursuant to section

19 of P.L.1975, c. 291 ( C.40:55D-28 ), a real estate market analysis required pursuant to section 12 of P.L.2004, c. 2

( C.40:55D-148 ), and a capital improvement program pursuant to section 20 of P.L.1975, c. 291 ( C.40:55D-29 ) and incurred by a municipality, or $40,000, whichever is less, which grants shall

be made utilizing moneys deposited into the bank pursuant to section 8 of P.L.1993, c. 339 , as amended by section 31 of P.L.2004, c. 2 ; n. To provide funding in the form of grants or loans for the purchase of development

potential to development transfer banks established by a municipality or county pursuant

to P.L.1989, c. 86 ( C.40:55D-113 et seq. ) or section 22 of P.L.2004, c. 2 ( C.40:55D-158 ); o. To serve as a development transfer bank designated by the governing body of a municipality

or county pursuant to section 22 of P.L.2004, c. 2 ( C. 40:55D-158 ) ; p. To provide funding to (1) any development transfer bank that may be established

by the Highlands Water Protection and Planning Council pursuant to section 13 of P.L.2004, c. 120 ( C.13:20-13 ), for the purchase of development potential by the Highlands development transfer

bank, and (2) the council to provide planning assistance grants to municipalities

in the Highlands Region that are participating in a transfer of development rights

program implemented by the council pursuant to section 13 of P.L.2004, c. 120 ( C.13:20-13 ) in such amounts as the council deems appropriate to the municipalities notwithstanding

any provision of subsection m. of this section or of section 8 of P.L.1993, c. 339, as amended by section 31 of P.L.2004, c. 2, to the contrary; and q. To serve as a development transfer bank for the Highlands Region if requested to

do so by the Highlands Water Protection and Planning Council pursuant to section 13

of P.L.2004, c. 120 ( C.13:20-13 ) .