§ 244-103. Limitations on use of Pinelands development credits.

A. 

No Pinelands development credit may be conveyed, sold, encumbered or transferred unless the owner of the land from which the credit has been obtained has received a Pinelands development credit certificate from the New Jersey Pinelands Development Credit Bank pursuant to N.J.A.C. 3:42-3 and has deed restricted the use of the land in perpetuity to those uses set forth in § 244-107 by a recorded deed restriction which is in favor of a public agency or not-for-profit incorporated organization and specifically and expressly enforceable by the Pinelands Commission.

B. 

Notwithstanding the provision of § 244-103A above, an owner of property from which Pinelands development credits are sold may retain a right for residential development on that property, provided that the recorded deed restriction expressly provides for the same and that the total allocation of Pinelands development credits for that property is reduced by 0.25 Pinelands development credit for each reserved right to build a dwelling unit. Subdivision of the property shall not be required until such time as the residential development right is exercised.

C. 

The proposed density of a parcel of land on which Pinelands development credits are used shall not exceed the density permitted in the RG-2 and RG-3 Zones in accordance with § 244-90 and § 244-91.

[Amended 2-26-1996 by Ord. No. 4-96; 11-21-2017 by Ord. No. 22-17]

Editor's Note: Original § 109-93D of the 1972 Code, pertaining to residential development approved by variance, which immediately followed this subsection, was repealed 4-12-1993 by Ord. No. 10-93.

D. 

No development involving the use of Pinelands development credits shall be approved until the developer has provided the Commission and the approval agency with evidence of his ownership and redemption of the requisite Pinelands development credits; provided, however, that the approval agency may grant general development plan, preliminary subdivision or preliminary site plan approval conditioned upon such evidence being presented as a prerequisite to final subdivision or site plan approval. For such a final subdivision or site plan, the developer shall provide evidence of Pinelands development credit ownership and redemption to secure the same proportion of lots or residential units as was approved for Pinelands development credit use in the preliminary approval or, as appropriate, the general development plan. Notification of any such development approval shall be made to the Pinelands Commission pursuant to § 244-68D and to the New Jersey Pinelands development credit bank in accordance with N.J.A.C. 3:42-3. Redemption of the requisite Pinelands development credits shall occur in accordance with N.J.A.C. 3:42-3.6, prior to the memorialization of the resolution granting final subdivision or site plan approval, or if no such approval is required, prior to the issuance of any construction permits.

[Amended 4-12-1993 by Ord. No. 10-93; 12-30-1996 by Ord. No. 27-96; 12-23-2002 by Ord. No. 50-02]

Editor's Note: This ordinance also repealed original § 109-93F and G of the 1972 Code, pertaining to development approved by variance, which immediately followed this subsection.

Amended 12-30-1996 by Ord. No. 27-96