On September 6, 2008 then Governor Corzine enacted The New Jersey Permit Extension Act (the “Act”) in an effort to combat the impact these trying times have had on real estate development throughout the state. The purpose of the Act is to prevent a permit from expiring before the economy provides a conducive environment for further development. The life of certain permits in affect, or issued after, January 1, 2007 was automatically tolled until July 1, 2010.
Unfortunately, July 1, 2010 is less than 4 months away and the economy has yet to fully recover. As one his last acts, Governor Corzine enacted a bill extending the tolling period until December 31, 2012. Once December 31, 2012 has passed, no permit will be extended past June 30, 2013 if that same approval, without the tolling under the Act, would have otherwise expired prior to June 30, 2013. If the economy is still reeling at that time it is very likely that the tolling of permits will be extended ever further.
Not all permits and/or approvals are protected under the Act. If you have a permit and/or approval in place we would suggest that you contact our office so that we can discuss whether you are afforded protection under the Act.
Andrew S. Kohut, Esq.