N.J. Admin. Code § 3:42-7.11

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

Section 3:42-7.11 - Board authorization to convey Pinelands Development Credits at no cost

(a) The Board may authorize the Executive Director to convey at no cost Pinelands Development Credits when it determines that:

1. The proposed development will serve a compelling public purpose;

2. The proposed development could not proceed without the conveyance of Pinelands Development Credits at no cost;

3. The benefit of the conveyance of Pinelands Development Credits at no cost will enure to the public and will be made to a governmental agency or incorporated, not for profit organization;

4. The conveyances of Pinelands Development Credits at no cost will not substantially impair the sale of Pinelands Development Credits in the private market; and

5. The Pinelands Development Credit being conveyed will be redeemed within one year of the Board's authorization.

(b) Such authorizations shall be made only upon an affirmative vote of two thirds of the Board's members.

N.J. Admin. Code § 3:42-7.11