New Jersey Statutes 13:8A-49. Acquisition of lands by lease with minimum term of 25 years; use for recreation facilities
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Terms Used In New Jersey Statutes 13:8A-49
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
The commissioner may authorize the development of recreation facilities or approve grants to assist a local unit develop recreation facilities on lands acquired through the execution of an irrevocable lease having a minimum term of 25 years. Upon expiration of the term of the lease, the provisions of 13.a. and 14.a. shall not apply.
L.1975, c. 155, s. 15, eff. July 15, 1975.