In New Jersey, municipalities are able to enter into land banking agreements with redevelopment entities. At which time, the municipality could designate the redevelopment entity as a land bank entity, for the municipality. The land banking agreement entered into between the municipality and the land bank entity would enable the redevelopment entity to lease and/or to convey properties which are held by the municipality.
Within each land banking agreement in New Jersey, responsibilities would be specified for each party. And these responsibilities will be applicable to how the land banking entity may acquire properties on behalf of the municipality. And make improvements to these properties as well.
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