A 5010 New Jersey General Assembly · 2024-2025 Regular Session

Requires SADC and any local board acquiring farmland for preservation purposes to provide partial payment to landowner, in advance of settlement, to demonstrate good faith intent to proceed with settlement and acquisition.

This bill requires State Agricultural Development Committees (SADC) and local boards acquiring farmland for preservation to provide landowners with a 20% advance payment before final settlement. The payment amount is based on either the appraised fair market value or the final negotiated purchase price of the development easement or fee simple title. If the acquisition is completed, the advance payment is deducted from the final purchase price. If the deal falls through, landowners must repay the advance payment, which becomes a debt that can be secured by a lien on their property.
Bill status in committee 1 of 4 stages cleared
Introduction
Nov 2024
Committee Review
Floor Vote
Governor
Introduced Nov 14, 2024 Last action Nov 14, 2024
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Nov 14, 2024
Introduced
Introduced in the Assembly, Referred to Assembly Commerce, Economic Development and Agriculture Committee
lower
1 primary · 1 co-sponsor

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