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The New Jersey Legislature is considering a bill (S-570) which would result in companies paying more to develop building on public land. The bill proposes that proposed projects on preserved land in the state would be assessed for how much revenue that project would generate. The proposal is intended to help balance the value to taxpayers for preserving that land in the first place, with the loss of open space for the development.
On December 8, 2014, the Senate Environment and Energy Committee unanimously urged the approval of S-570. As Senator Gerald Cardinale (R-Bergen), a co-sponsor of the bill, phrased it, “It appeared to be from an economic perspective, the state was getting the short end of the stick.” Some environmentalists believe that these public lands were being targeted for development because it is cheaper, and the hope is that requiring these assessments will help to keep more preserved land actually preserved, while also allowing more of a return to the public when development does take place.
The attorneys at Lieberman & Blecher will be following the progress of S-570 as it moves through the Legislature. Our firm assists clients with development in the state, as well as with protecting preserved lands from over-development. If you’re looking to build or to oppose a project within the state, the attorneys at L&B are here to help; do not hesitate to contact our office and speak with one of our team members about setting up a consultation to get the advice and help you need.
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