N.J. Admin. Code § 2:76-8.11

Current through Register Vol. 56, No. 12, June 17, 2024

Section 2:76-8.11 - Grants to local governments for acquisition of fee simple titles to farmland

(a) Pursuant to N.J.S.A. 13:8C-37a.(2), the Committee may provide grants to local government entities to pay up to 80 percent of the cost of acquisition of fee simple titles to farmland from willing sellers only.

(b) The Committee's grant shall be determined pursuant to 2:76-6.1 1(d) based on the cost of the local government's acquisition. Cost is defined as the local government's purchase price or the Committee's certified market value of the fee simple estate, whichever is less. In addition, the Committee may provide a grant for up to 50 percent of the eligible ancillary costs as defined at 2:76-6.1 1(d)4.

1. The Committee may provide a lower pro rata cost share of the cost as determined in (b) above under any of the following circumstances:

i. There are limited funds available;

ii. The certified market value of the fee simple estate exceeds $ 115,000 per acre;

iii. The land is of greater local or regional significance and not of Statewide significance; or

iv. The Committee has already expended the required minimum funds in that particular county pursuant to N.J.S.A. 13:8C-38m for the respective fiscal year.

(c) Any lands acquired in fee simple title by the local government unit shall be offered for resale or lease with agricultural restrictions, as determined by the Committee.

1. The agricultural restrictions shall be consistent with the restrictions contained at 2:76-6.1 5.

(d) Any proceeds received from a resale shall be dedicated for farmland preservation purposes and the Committee's pro rata share, as determined by (b) above, of the proceeds shall be repaid to the Committee by the local government unit and deposited in the Garden State Farmland Preservation Trust Fund or other appropriate farmland preservation fund to be used for the purposes of that fund. Proceeds are defined as the actual gross sales proceeds and shall not include any adjustments for real estate commissions or other costs incurred by the governmental entity associated with the resale of the land.

N.J. Admin. Code § 2:76-8.11

New Rule, R.2007 d.197, effective 7/2/2007.
See: 38 N.J.R. 4929(a), 39 N.J.R. 2483(a).