The bill authorizes state, local, and nonprofit entities to acquire fee simple titles and development easements on farmland at negotiated prices that may exceed the appraised value, contingent upon certain conditions. Local government units must adopt an ordinance justifying the purchase price based on the land's unique characteristics if they intend to use constitutionally dedicated funds. Additionally, a public hearing is required for acquisitions proposed by the State or nonprofit organizations to assess the justification for exceeding the appraised value. The bill also amends existing laws to allow for two independent appraisals to determine land value for both agricultural and nonagricultural purposes, with the state covering up to 80% of appraisal costs, and removes the previous restriction on purchasing development easements above appraised value.

Furthermore, the bill establishes a farmland preservation planning incentive grant program within the State Agriculture Development Committee, providing grants to eligible counties and municipalities. It outlines eligibility criteria, including the identification of contiguous project areas and the establishment of agricultural advisory committees. The bill modifies grant provisions for tax-exempt nonprofit organizations, allowing them to receive funding for up to 50% of acquisition costs while emphasizing the preservation of historic structures. It also introduces the "Statewide Farmland Preservation Formula" to guide the appraisal process, ensuring comprehensive valuation methods are used. Overall, the legislation aims to enhance farmland preservation efforts in New Jersey by increasing funding opportunities and streamlining acquisition processes.

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