This bill amends New Jersey's farmland preservation laws by requiring the State Agriculture Development Committee (SADC) and local boards to provide landowners with a partial advance payment of 20% of the appraised fair market value or the final negotiated purchase price prior to settlement. This advance payment serves as a demonstration of good faith in the acquisition process. If the purchase agreement is voided or settlement does not occur, the landowner is obligated to repay the advance payment, which will be treated as a debt to the state or locality and will create a lien on the landowner's property. This lien will take priority over other claims, except for valid liens established before the notice of lien.

Additionally, the bill introduces provisions for appraisals and the evaluation of offers for development easements and fee simple titles, ensuring that the acquisition process is transparent and fair. It establishes the "Preserve New Jersey Farmland Preservation Fund" to finance advance payments and stewardship activities, while also outlining criteria for municipalities and counties to apply for grants to support farmland preservation efforts. The legislation aims to enhance the effectiveness of farmland preservation initiatives in New Jersey, ensuring that landowners are fairly compensated while maintaining the integrity of the funding process.

Statutes affected:
Introduced: 4:1C-31, 4:1C-31.1, 4:1C-32, 4:1C-43.1, 13:8C-20, 13:8C-38, 13:8C-40, 13:8C-50