Thinking About Becoming a Real Estate Developer? question

In New Jersey, municipalities are able to enter into land banking agreements with redevelopment entities. At which time, the municipality may designate their selected redevelopment entity as a "land bank entity," for the municipality.
The aforementioned land banking agreement entered into between the municipality and the land bank entity will enable the redevelopment entity to lease and/or to convey properties which are held by the municipality.

Within a land banking agreement in New Jersey, responsibilities would be specified for each party. These responsibilities would be applicable to how the land banking entity is permitted acquire properties on behalf of the municipality. And make improvements to the properties as well.

One component within this space to consider when one is thinking through acquiring city-owned properties in New Jersey, is looking into establishing a community advisory board within six months of having been designated as a designated developer by the New Jersey municipality.