N.J. Admin. Code § 3:42-7.3

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

Section 3:42-7.3 - Requirements governing all bidding

(a) Bidders who are acting on behalf of another person shall supply to the Executive Director with their sealed written bid or prior to the commencement of an auction the following:

1. If the bidder is representing an individual, a notarized statement from the individual duly authorizing the bidder to act on his behalf; or

2. If the bidder is representing a corporation, public agency, business trust, partnership, association, two or more persons having a joint or common interest, or any other legal entity, a duly adopted resolution or other legal instrument authorizing the bidder to act on the entity's behalf.

(b) The minimum acceptable bid shall be $ 74,000 for each Pinelands Development Credit or fraction of that amount which reflects that portion of a Pinelands Development Credit to be sold, provided, however, that the Board may establish a higher minimum acceptable bid if it determines that, based upon recent Pinelands Development Credit sales prices, a higher amount is necessary to avoid a substantial impairment of the private sale of Pinelands Development Credits.

(c) No bid or sale shall be conditioned upon a bidder obtaining financing or any municipal, county, State or Federal permit or development approval.

(d) All bids, whether they be submitted verbally or in writing, shall be deemed to be an acceptance of all terms and conditions of the sale as specified in the written instructions.

(e) Except as provided in 3:42-7.8, successful bidders shall be required to complete the purchase within 30 days of the date of award.

N.J. Admin. Code § 3:42-7.3

Amended by R.2008 d.348, effective 11/17/2008.
See: 40 N.J.R. 2622(a), 40 N.J.R. 6539(b).
In (b), substituted "$ 74,000" for "$ 2,500", deleted "one-quarter of one" following "each" and inserted "or fraction of that amount which reflects that portion of a Pinelands Development Credit"; deleted former (c); and recodified former (d) through (f) as (c) through (e).