40:60-40.8 - Ordinance authorizing sale; price; terms and conditions - New Jersey Statutes

40:60-40.8.  Ordinance authorizing sale;  price;  terms and conditions
    When the governing body of the municipality shall determine that such an owner or owners are qualified to make application pursuant to this act and that  the municipality has a parcel or parcels of land not needed for public use, it  may, by ordinance, authorize the sale and conveyance of such parcel or parcels  of real property described therein to any such applicant or applicants, at  private sale, for residential purposes only, at a fair market price to be fixed  by the governing body after obtaining at least 2 independent appraisals thereof  by licensed real estate brokers, within a period of time specified in the  ordinance, upon such terms and conditions as shall be specified by the  governing body.  Such ordinance shall provide that the sale and conveyance  shall be made subject to covenants that the grantee shall, within 2 years from  the date of the deed or such lesser period of time specified therein, construct  residential improvements thereon of a specified minimum cost and that the  grantee shall not make a voluntary sale and conveyance of the premises for the  period of 1 year from the date of the deed.  On application, and upon good  cause being shown, the governing body may, by resolution, extend the time  specified for the construction of the improvements to the premises for an  additional period not in excess of 1 year.

     L.1965, c. 18, s. 2, eff. April 12, 1965.