N.J. Admin. Code § 3:42-3.6

Current through Register Vol. 56, No. 23, December 2, 2024

Section 3:42-3.6 - Redemption of Pinelands Development Credits

(a) When Pinelands Development Credits are redeemed in association with a development project approved by a municipal approval agency, the person redeeming the Pinelands Development Credits shall, within 10 business days thereafter, deliver to the Executive Director the Certificate properly documented as to the specifics of the redemption as set forth in (b) below.

(b) Notification to the Executive Director shall include, but is not necessarily limited to, the following:

1. The name of the person redeeming;

2. The municipality in which the Pinelands Development Credits were redeemed;

3. The municipal tax block and lot number of the property for which the Pinelands Development Credits were redeemed;

4. The number of Pinelands Development Credits redeemed; and

5. The date on which the municipal development approval was issued and endorsement by the responsible municipal official.

(c) The Executive Director shall notify the person redeeming and the appropriate municipal official that the Pinelands Development Credits have been redeemed and shall so indicate in the Pinelands Development Credit Registry upon his determination that:

1. The Pinelands Development Credits have not been previously redeemed;

2. The Pinelands Commission has concurred with the municipal approval; and

3. The number of Pinelands Development Credits redeemed were adequate to secure the increased number of residential units permitted pursuant to the Pinelands Comprehensive Management Plan, 7:50-1.1 et seq., and the applicable municipal zoning ordinance.

(d) In the event that only a portion of the Pinelands Development Credits specified in the Certificate are redeemed, the Executive Director shall re-issue a Certificate for the Pinelands Development Credits not so redeemed.

(e) A Pinelands Development Credit shall be redeemed at the time of final subdivision or site plan or, if no such approval is required, when construction permits are issued. In the event that Pinelands Development Credits are being required for a Pinelands Commission waiver pursuant to N.J.A.C. 7:50-4.6 1 through 4.70, they shall be redeemed at the same time the waiver is granted.

N.J. Admin. Code § 3:42-3.6

Amended by R.1993 d.151, effective 4/5/1993.
See: 25 New Jersey Register 223(b), 25 New Jersey Register 1511(a).
Revised (a) and (e).