N.J. Stat. § 52:27I-38

Current through L. 2023, c. 320.

Section 52:27I-38 - Redevelopment agreement

Redevelopment within the project area shall be implemented pursuant to a redevelopment agreement between the authority and the redeveloper, or between the authority and the EDA as a designated redeveloper, or between the EDA as a designated redeveloper and the redeveloper, as the case may be. All redevelopment agreements from or between the authority or the designated redeveloper and to or with a redeveloper shall contain, without being limited to, the following provisions:

a. a provision limiting the use of the property to the uses permitted pursuant to the plan;

b. a provision requiring the redeveloper to commence and complete the project within a period of time that the authority or the designated redeveloper fixes as reasonable;

c. any lease to a redeveloper may provide that all improvements shall become the property of the authority; and

d. such other covenants, provisions, and continuing controls as may be deemed necessary to effectuate the purposes of this act.

N.J.S. § 52:27I-38

Added by L. 2010, c. 51,s. 21, eff. 9/16/2010.