This bill mandates that municipal governing bodies in New Jersey must consider the preservation of open space when a development application is submitted for properties comprising 20 or more contiguous acres. Upon receiving such an application, the administrative officer is required to inform the governing body of its obligation to evaluate the potential for preserving the property for recreation and conservation purposes, as outlined in existing law (P.L.1997, c.24). To facilitate this consideration, the bill proposes a stay on the time periods for action by municipal agencies regarding the application, allowing the governing body 45 days to hold a public hearing, gather input from residents, and make a decision on whether to initiate the preservation process.

If the governing body decides to pursue preservation, the administrative officer must notify the applicant that the timeline for the agency's action on the application will remain stayed until the preservation procedures are completed. Once these procedures are finalized, the governing body must inform the administrative officer of the outcome, which could either result in the denial of the application if the municipality opts to purchase the property or the resumption of the application process if preservation is not pursued. Conversely, if the governing body chooses not to commence the preservation process, the administrative officer must inform the applicant that the stay has been lifted and provide the relevant timelines for further action under the "Municipal Land Use Law."