NJ Rev Stat § 40A:12A-78 (2021)
2021 New Jersey Revised Statutes|Title 40A - Municipalities and Counties|Section 40A:12A-78 - Responsibilities of land bank entity.

40A:12A-78 Responsibilities of land bank entity.  5. a. A land banking agreement shall establish the responsibilities of the land bank entity and shall specify the terms and conditions under which the land bank entity may acquire property on behalf of the municipality, demolish and otherwise clear buildings and conduct other site improvements located on the property, maintain and secure the property, conduct other activities on the property, and, notwithstanding the provisions of the "Local Lands and Buildings Law," P.L.1971, c.199 (C.40A:12-1 et seq.), lease or convey property held on behalf of the municipality. The land banking agreement also shall provide for such municipal oversight of the land bank entity as the municipality deems necessary and appropriate and shall establish the manner in which any costs and revenues, including proceeds of the sale or leasing of land bank property shall be distributed. The land bank entity shall not lease any land bank property for an individual term of more than 99 years. Land bank property that is leased or conveyed by a land bank entity, shall be subject to ordinances adopted pursuant to the "Municipal Land Use Law," P.L.1975, c.291 (C.40:55D-1 et seq.), any redevelopment plan enacted pursuant to the "Local Redevelopment and Housing Law," P.L.1992, c.79 (C.40A:12A-1 et al.), and other applicable State statutes following the lease or conveyance. b. Prior to submission of the land banking agreement for approval by the municipal governing body, the municipality shall hold a public meeting to solicit the advice of the public on the substance and intent of the land banking agreement. c. The ordinance comprising the land banking agreement shall include findings establishing the need for land bank activity in the municipality, the public purpose that the municipality intends the land bank entity to pursue, and the qualifications of the land bank entity to carry out the responsibilities established pursuant to P.L.2019, c.159 (C.40A:12A-74 et al.). d. The land banking agreement shall be adopted by an ordinance of the governing body of the municipality and by resolution of the governing body of the land bank entity.  e. The land banking agreement may be amended at any time by ordinance of the governing body of the municipality and by resolution of the governing body or board, as appropriate, of the land bank entity. f. Through entrance into a land banking agreement, a municipality may authorize a land bank entity to hold property in trust on behalf of the municipality. The land banking agreement shall establish whether a trust agreement shall provide authorization to the land bank entity to convey property, lease property, and conduct other land banking activities without municipal authorization for each individual conveyance, and other action. If provided in the land banking agreement, each trust agreement shall provide the land bank entity with all the powers of property ownership, subject to the potential termination of the land banking agreement pursuant to section 14 of P.L.2019, c.159 (C.40A:12A-87).  g. A land bank entity is not subject to the requirements of the "Local Public Contracts Law," P.L.1971, c.198 (C.40A:11-1 et seq.) in association with a land banking agreement or with contracts entered by the land bank entity in association with the land banking agreement. Public bidding is not necessary to enter into a land banking agreement, or, unless otherwise stated in the land banking agreement, for contracts entered into by the land bank entity in association with the land banking agreement. L.2019, c.159, s.5.