12:3-66 - Lease or grant to former owner; improvements by lessee or grantee - New Jersey Statutes

12:3-66.  Lease or grant to former owner;  improvements by lessee or grantee
    The board may, as a consideration for the transfer of title of any riparian  lands to the state, enter into an agreement with the owner thereof to lease and  grant, after transfer of title to the state, the use and occupation of the  riparian lands as well as the adjacent lands under tidewater, to such owner or  any party designated by him, whereby the lands, both riparian and under  tidewater, shall be improved and developed at the expense of the grantee or  lessee, in such manner, under such plans and specifications, at such minimum  cost and within such time as may be required by the board.