This bill authorizes state, local, and nonprofit entities in New Jersey to acquire fee simple titles and development easements on farmland at negotiated prices that may exceed the appraised value, contingent upon certain conditions. Specifically, local government units intending to use constitutionally dedicated funds for such acquisitions must adopt an ordinance justifying the purchase price based on the land's unique characteristics. The bill also mandates that the State Agriculture Development Committee and local boards conduct hearings and issue reports when the purchase price exceeds the appraised value, ensuring transparency and public involvement in the decision-making process.

Furthermore, the bill establishes a farmland preservation planning incentive grant program to provide financial support to eligible counties and municipalities for farmland preservation efforts. It modifies grant provisions for tax-exempt nonprofit organizations, allowing them to receive grants covering up to 50 percent of acquisition costs for development easements or fee simple titles. The bill introduces the "Statewide Farmland Preservation Formula" to guide the valuation of agricultural lands and requires local government units to submit proposed agreements for acquisitions exceeding appraised values to their county governing bodies for approval. Overall, the bill aims to enhance farmland preservation initiatives in New Jersey by streamlining processes, ensuring adequate funding, and allowing for flexibility in pricing negotiations while maintaining public oversight.

Statutes affected:
Introduced: 4:1C-31, 4:1C-43.1, 13:8C-39, 13:8C-50