I attended the 2013 Annual Redevelopment Law institute Seminar sponsored by the New Jersey Institute for Continuing Legal Education (NJICLE for short) yesterday.
Two important takeaways: Section f and Incentive Zoning.
Section f is a little used section of the New Jersey Redevelopment Law that allows municipalities to name certain areas “in need of redevelopment” if the improvements have been destroyed by fire, storm, earthquake or other natural disaster. Hmmm…
Incentive Zoning grants density bonuses (more units per acre) for larger parcels, thereby incentivizing greedy (or crazy) residents in a redevelopment area to play well with others. Example: Greedy Gus owns a 100′ x 100′ lot. Current zoning permits the development of one single family dwelling or two condominium units on Gus’ lot. However, if four 100′ x 100′ lots are assembled to create a 200′ x 200′ lot, the permitted density increases by 50% from 8 to 12 townhouse or condominium units. Gus is thus incentivized.
So, what if you are the Governing Body of a Sandy-Damaged municipality?
And what if your tax rateable base has been decimated by the storm damage?
And what if your long-time residents complain that they can’t afford to rebuild?
And what if you designated the storm-damaged area “in need of redevelopment?”
And what if you provided a density bonus like one in the example above?
Viola! A New and Improved Jersey Shore, brought to you by lawyers and planners.
[Normally I would poke some fun here, but I got nothin’. Great job, guys!]