N.J. Admin. Code § 3:42-5.6

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

Section 3:42-5.6 - Purchase price

(a) The purchase price for Pinelands Development Credits acquired by the Board shall be $ 74,000 for each Pinelands Development Credit or fraction of that amount which reflects that portion of a Pinelands Development Credit so acquired.

(b) The Board may increase the purchase price set forth in (a) above if it determines that:

1. The purchase price, as increased, does not exceed 80 percent of the market value of Pinelands Development Credits as determined by examination and analysis of Pinelands Development Credit sales data reported to the Bank pursuant to 3:42-3.4; provided, however, that the Board shall not consider any sales data which does not meet generally accepted real estate appraisal practices; and

2. The purchase price, as increased, will not substantially impair the private sale of Pinelands Development Credits.

N.J. Admin. Code § 3:42-5.6

Amended by R.1996 d.145, effective 3/18/1996.
See: 28 N.J.R. 5(a), 28 N.J.R. 1504(a).
In (a) increased the purchase price from $ 10,000.
Amended by R.2001 d.49, effective 2/5/2001.
See: 32 N.J.R. 4161(a), 33 N.J.R. 550(b).
In (a), substituted "$ 24,000" for "$ 12,600".
Amended by R.2008 d.348, effective 11/17/2008.
See: 40 N.J.R. 2622(a), 40 N.J.R. 6539(b).
In (a), substituted "$ 74,000" for "$ 24,000".