Applicants are expected to apply for legislation. Before transportation, the lot is divided to establish a separate tax-free tax on the same land use area; The development rights necessary to obtain a total area of the project are transferred and recalled in a housing development agreement (ZLDA). Fortunately, the municipality strongly supported the planned rehabilitation, as it would help alleviate congestion at the intersection. It was therefore prepared to cooperate with the parties. The solution ultimately developed was for the two owners to execute and register an agreement that their real estate would be considered a single land-use asset (i.e. the functional equivalent of a LDA), with all mass requirements measured on the basis of the combined land and not on the basis of the different tax lots. This essentially allowed the boundary between them to be “denied” over the life of the land lease for zoning purposes, allowing the new building to be placed just above the demarcation line in the centre. The result was a win-win. The municipality obtained the desired crossing improvements, while remaining protected, as the agreement provided that the land would be considered an occupying site as long as the building remained at the boundary. The neighbouring landlord had an easily financeable triple net lease with a solvent tenant; This would allow them to take out a mortgage, mortgage the lease as collateral and realize the current value of the property without paying capital gains tax. And the retailer was able to cling to its precious corner terrain at a marked intersection and at the same time install the adjacent land for the development of a new facility with modern upgrades, including significantly improved fluidity and aesthetics.
ZLDA is synonymous with zoning Lot Development Agreement. It is an agreement between two owners who transfer flight rights and it dictates the terms of the transfer. The LTZs clarify many issues that could arise in the context of a transfer of air rights, including unused ground surfaces, and what happens in the case of upzoning or downzoning. It may also include facilities that are necessary to facilitate development, including objects such as light and air or arrows. The obvious key to the success of this regulation has been the municipality`s willingness to accept it. Given that many New Jersey municipalities would have just as easily rejected it as a viable option, it would certainly be preferable for MLUL to include provisions similar to those of the New York Zonat Resolution, which explicitly authorize owners of related property to enter into zoning lot merger agreements like the New York LTDAs. The alternative to ground leasing would solve a problem, but a second problem was that the retailer`s needs were such that the existing buildings on both lots had to be demolished and a new building in the centre, just at the border between them, had to be built.
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