New Jersey Assembly Bill A4527

New Jersey 2022-2023 Regular Session

• Introduced: 9/22/22
• Refer: 9/22/22

Caption

"Warehouse Development Control Bond Act," authorizes bonds for $150 million, and appropriates $5,000.

Impact

The act allows municipalities to gain control over potential warehouse developments by purchasing the development rights of certain properties. This purchase will be executed through easements, which will permanently restrict the development of these properties. Municipalities can thus prevent unwanted changes to their landscapes while offering landowners fair compensation. The Department of Environmental Protection will oversee the grant distribution and establish criteria for eligibility and priority, addressing community needs effectively.

Summary

Assembly Bill A4527, known as the 'Warehouse Development Control Bond Act,' seeks to address the issues arising from the rapid development of warehouses within New Jersey municipalities. The bill authorizes the issuance of $150 million in general obligation bonds to provide matching grants to municipalities aimed at purchasing development rights for proposed warehouse sites. This initiative is a response to the negative impacts associated with warehouse development, including land use changes, traffic increases, and potential harm to local environments and community character.

Contention

Notably, the act is a proactive measure aimed at empowering local governments in their decision-making processes regarding land use while balancing economic interests with environmental concerns. However, potential contention lies in the fiscal implications for municipalities that may struggle to provide the matching funds required for the grants. The act also ensures that landowners retain some rights and responsibilities, allowing them to sell or manage their properties as long as they comply with the easements, a balance that might stir discussions among stakeholders.