New Jersey § 4:1c-54

§ 4:1c-54.

a. The board may sell by negotiation or auction, exchange, or otherwise convey any

development potential that is purchased or otherwise acquired pursuant to the provisions

of this act, after notice thereof placed in the New Jersey Register and in one newspaper

of general circulation in the area affected by the conveyance. All sales, exchanges, or conveyances shall be made prior to the expiration of the

bank. The provisions of any other law to the contrary notwithstanding, no such sale, exchange,

or conveyance shall be subject to approval of the State House Commission or the General

Services Administration 1 in the Department of the Treasury. b. When the board sells, exchanges, or otherwise conveys development potential, it

shall remit 20% of the proceeds to the local government unit that participated in

its acquisition unless the local government unit obtained its interest in the development

potential by donation and retain the remaining balance. c. When the board sells, exchanges, otherwise conveys, purchases or otherwise acquires

development potential, it shall do so in a manner that shall not substantially impair

the private sale and transfer thereof. The board may convey development potential without remuneration for use in projects

that satisfy a compelling public purpose only by an affirmative vote of two-thirds

of its members and approval by the local government unit that provided 20% of the

cost of the acquisition of the development potential. d. Governmental entities that provide municipal or county funding to finance the purchase

of development potential prior to the operation of the State TDR Bank shall receive

priority consideration by the State TDR Bank in the purchase of development potential. e. Prior to the sale, exchange or conveyance of any development potential purchased

or otherwise acquired using moneys derived from bonds authorized by the “Farmland

Preservation Bond Act of 1981,” P.L.1981, c. 276, as amended by P.L.1987, c. 240 or

the “Open Space Preservation Bond Act of 1989,” P.L.1989 c. 183, the State TDR Bank shall obtain a determination from the State Treasurer that such

sale, exchange or conveyance will not adversely affect the tax-exempt status of such

bonds. 1

Abolition of the powers, functions and duties of the General Services Administration

and the Office of the General Services Administrator by Reorganization Plan No. 003-1997,

set out under § 52:18A-178.