This bill establishes the Farmland Protection from Industrial Development Program within the New Jersey Department of Agriculture, which will be administered by the State Agriculture Development Committee (SADC). The program is designed to protect agricultural and horticultural land that is at risk of being developed for warehouse purposes. The SADC is granted the authority to purchase fee simple titles or development easements on such land and to provide grants to municipalities to offset lost property tax revenues resulting from these acquisitions. Landowners intending to sell their land for warehouse development must notify the SADC, which will evaluate the land's suitability for preservation and may make a purchase offer.

Additionally, the bill outlines specific criteria for the SADC's evaluation process, taking into account the land's regional agricultural significance and potential negative impacts on the local community. Any land acquired will be subject to agricultural deed restrictions to ensure its preservation. The SADC can award grants to municipalities for a period of five years, with grant amounts based on the difference in property tax assessments before and after land acquisition. To support these initiatives, the bill appropriates $50 million from the Global Warming Solutions Fund and creates a new fund called the "Farmland Protection from Industrial Development Fund."

Statutes affected:
Introduced: 26:2C-51