Assembly Commerce, Economic Development and Agriculture Committee Statement to Assembly, No. 3697 (2024)

Summary

An Assembly Commerce, Economic Development and Agriculture Committee statement to Assembly, No. 3697, State of New Jersey, dated February 22, 2024, reporting the bill favorably. The statement says the bill would appropriate $500,000 to the State Agriculture Development Committee for a municipal planning incentive grant for farmland preservation, with $200,000 from constitutionally dedicated corporation business tax revenues and $300,000 from the "2009 Farmland Preservation Fund." Under the bill, Washington Township, in Warren County, will receive a "base grant" of $500,000 and could compete for further grant funding of up to $1 million. The statement says the allocations were approved by the SADC and the Garden State Preservation Trust.

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ASSEMBLY COMMERCE, ECONOMIC DEVELOPMENT AND AGRICULTURE
COMMITTEE

STATEMENT TO

ASSEMBLY,
No. 3697

STATE
OF NEW JERSEY

DATED: FEBRUARY
22, 2024

The Assembly Commerce, Economic Development and
Agriculture Committee reports favorably Assembly Bill No. 3697.

This
bill would appropriate $500,000 to the State Agriculture Development Committee
(SADC) for a municipal planning incentive grant, pursuant to a program
established by P.L.1999, c.180 (C.4:1C-43.1), for farmland preservation
purposes.

Of
the $500,000 provided in section 1 of the bill, $200,000 is to be provided from
constitutionally dedicated corporation business tax (CBT) revenues received
pursuant to Article VIII, Section II, paragraph 6 of the State Constitution,
approved by the voters of New Jersey in November 2014, and $300,000 is to be
provided from the “2009 Farmland Preservation Fund,” made available due to the
reallocation of monies previously appropriated to the SADC. The “Preserve New
Jersey Act,” P.L.2016, c.12 (C.13:8C-43 et seq.), implements the constitutional
dedication of CBT revenues for open space, farmland, and historic
preservation. The “Preserve New Jersey Farmland Preservation Fund” was
established pursuant to section 8 of the “Preserve New Jersey Act.” The “2009
Farmland Preservation Fund” was established pursuant to section 18 of the
“Green Acres, Water Supply and Floodplain Protection, and Farmland and Historic
Preservation Bond Act of 2009,” P.L.2009, c.117.

Under
the bill, Washington Township, in Warren County, will receive a “base grant” of
$500,000, as specified in the bill. In addition, this municipality would also
be eligible to compete for an additional grant from the SADC’s competitive
grant fund, to be financed with monies previously appropriated to the SADC
pursuant to P.L.2019, c.450 and P.L.2020, c.139. The maximum amount of such
competitive grant funding award would be $1 million, including up to $500,000
in funds appropriated under P.L.2019, c.450 and up to $500,000 in funds
appropriated under P.L.2020, c.139.

The
allocations and projects listed in the bill have been approved by the SADC and
the Garden State Preservation Trust.

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