New Jersey Statutes 40A:12A-76. Definitions relative to municipal land banking and online mapping
Terms Used In New Jersey Statutes 40A:12A-76
- Amendment: A proposal to alter the text of a pending bill or other measure by striking out some of it, by inserting new language, or both. Before an amendment becomes part of the measure, thelegislature must agree to it.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
“Land bank entity” means a public land bank entity or a non-profit land bank entity.
“Land bank property” means property subject to a land banking agreement.
“Land banking agreement” means an agreement between a municipality and a land bank entity to act on behalf of the municipality to hold, maintain and lease or convey property owned by the municipality and not needed for any public purpose.
“Non-profit land bank entity” means a non-profit entity, established pursuant to the “New Jersey Nonprofit Corporation Act,” N.J.S. 15A:1-1 et seq., that has entered into a land banking agreement.
“Public land bank entity” means a redevelopment entity that has entered into a land banking agreement. “Redevelopment entity” means either:
(1) A redevelopment entity designated by the municipality pursuant to section 4 of the “Local Redevelopment and Housing Law,” P.L.1992, c.79 (C. 40A:12A-4);
(2) A county improvement authority designated by the municipality to act as a redevelopment entity pursuant to the “county improvement authorities law,” P.L.1960, c.183 (C. 40:37A-44 et seq.) for the purpose of entering into a land banking agreement with said entity, without regard to whether the county improvement authority is otherwise acting as a redevelopment entity in the municipality; or
(3) The municipality itself, or one of its departments or agencies, but only if the municipality is executing redevelopment responsibilities directly pursuant to section 4 of P.L.1992, c.79 (C. 40A:12A-4). In such cases, the designated redevelopment entity shall not need to adopt separate ordinances or resolutions, as appropriate, for the purpose of adopting a land banking agreement or amendments pursuant to subsections d. and e. of section 5 of P.L.2019, c.159 (C. 40A:12A-78) and the adoption of one ordinance to create the land banking agreement, and one ordinance for each amendment thereto shall suffice. Termination notice requirements, prescribed by section 14 of P.L.2019, c.159 (C. 40A:12A-87), also shall not be necessary.
“Trust agreement” means an agreement between a municipality and land bank entity, pursuant to subsection f. of section 5 of P.L.2019, c.159 (C. 40A:12A-78).
L.2019, c.159, s.3.