New Jersey Administrative Code › Title 7 - ENVIRONMENTAL PROTECTION › Chapter 26B - INDUSTRIAL SITE RECOVERY ACT RULES › Subchapter 5 - ALTERNATE COMPLIANCE OPTIONS › Section 7:26B-5.7 - Limited conveyance

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The owner of an industrial establishment may, upon submittal of the notice required pursuant to 7:26B-3.2(a), apply to the Department for a certificate of limited conveyance in accordance with (c) below.
(b) The Department's approval of a certificate of limited conveyance shall be valid for three years from the date of issuance and authorizes the owner of an industrial establishment to transfer up to one third the total appraised value of the real property of the industrial establishment upon the licensed site remediation professional's issuance of a response action outcome or certification of a remedial action workplan or remediation certification for the subject portion of the industrial establishment to be conveyed without the owner or operator conducting a remediation of the entire industrial establishment.
(c) To apply for a certificate of limited conveyance, the owner or operator shall submit a completed limited conveyance application available on the Department's website at
www.nj.gov/dep/srp/srra/forms
, certified in accordance with 7:26B-1.6, to the Department at the address provided at 7:26B-1.5, which includes the following:
1. The name and location of the site, including street address, city or town, municipality, county, zip code, tax block and lot numbers of the site and the ISRA case number;
2. A site map of the industrial establishment that identifies the real property on which the industrial establishment is situated, and the portion of the real property subject to the proposed transfer and any areas conveyed pursuant to a prior certificate of limited conveyance;
3. A description of the real property to be transferred;
4. An appraisal of the entire industrial establishment, an appraisal of the real property to be transferred and an appraisal of the remaining real property if the certificate of limited conveyance were issued. The appraisals required by this section shall not be made more than one year prior to the submission of the application for a certificate of limited conveyance and shall be conducted by a designated Member, Appraisal Institute (American Institute of Real Estate Appraisers), Senior Real Estate Analyst (Society of Real Estate Appraisers), or Senior Member (American Society of Appraisers);
5. The sale price or fair market value of the real property to be transferred;
6. Any additional information the Department requests from a specific owner or operator;
7. Copies of all prior certificate(s) of limited conveyance if any, issued for the subject industrial establishment;
8. A copy of the sales agreement specifying the agreed upon price for the real property presently proposed for conveyance or, in the case of an acquisition by a condemning authority where no agreement has been reached, an affidavit from the owner specifying the compensation, including any damages, sought by the owner and the current appraised value; and
9. Payment of a fee of $ 600.00.