N.J. Admin. Code § 5:86-2.7 - Sending zone analysis

(a) The sending zone analysis section of the market analysis report shall contain at least the following:

1. A range of values realistically attainable at the given time and market conditions;

2. An analysis of the extent and types of development authorized by the base zoning of the sending zone and its physical characteristics as provided in the draft development transfer element prepared pursuant to 40:55D-141. Said analysis shall include, but not be limited to:

i. Consideration of the sending zone's topography, publicly or privately held open space, configuration, existing development patterns, transportation access, environmentally constrained areas and other appropriate characteristics; and

ii. All major subdivision and site plan applications involving land in the sending zone that were approved by the appropriate land use board during at least the preceding two-year period;

3. An analysis of land values in the sending zone at base zoning, given the physical characteristics set forth in (a)2 above, which shall include the following:

i. An evaluation of the past and current demand for real property at the base zoning; and

ii. A value estimate that identifies a range of market values in the sending zone at base zoning and a discussion of how the estimate was determined. The valuation shall be submitted on a per unit of development basis. The method of valuation shall be chosen at the analyst's discretion taking into consideration the base zoning and the characteristics of the sending zone; and

4. An analysis of what land values in the sending zone will be after the transferable development rights have been severed and the TDR deed restriction has been imposed (market value restricted), which shall include the following:

i. An evaluation of the proposed TDR deed restrictions and their effect on property in the sending zone, the sending zone's adaptability for alternative uses that are not in conflict with the TDR deed restrictions and other items which are significant to the valuation of the sending zone;

ii. Consideration of the sending zone's authorized density and use as encumbered by the TDR deed restrictions provided in the draft development transfer element pursuant to 40:55D-141. The analysis shall consider the following:

(1) The ability to establish the use consistent with applicable statutes, regulations and ordinances;

(2) The physical possibility of establishing the use;

(3) The probability or likelihood of establishing the use; and

(4) The economic feasibility of establishing the use; and

iii. A value estimate that identifies a range of market values of the lands in the sending zone once the required deed restriction is imposed and a discussion of how the estimate was determined. The method of valuation shall be chosen at the analyst's discretion taking into consideration the characteristics of the sending zone.

Notes

N.J. Admin. Code § 5:86-2.7