ASSEMBLY APPROPRIATIONS COMMITTEE

STATEMENT TO

ASSEMBLY, No. 1466

STATE OF NEW JERSEY

DATED: MARCH 3, 1997

      The Assembly Appropriations Committee reports favorably Assembly Bill No. 1466.

      Assembly Bill No. 1466 appropriates $9 million to the Department of Environmental Protection (DEP) from the "Green Acres, Farmland and Historic Preservation, and Blue Acres Bond Act of 1995," P.L.1995, c.204, for the purpose of providing State grants and low-interest loans to assist local government units to acquire, for recreation and conservation purposes, lands along or near the coast that have been damaged by storms or storm-related flooding. This sum represents the entire amount authorized by the bond act for post-storm acquisitions in the coastal area under the newly created coastal Blue Acres program. Under this portion of the coastal Blue Acres program, a qualifying local government unit receives a grant of 50% and a low-interest loan of up to 50% of the cost of acquisition of storm-damaged property. Properties may be acquired under the program only from willing sellers. Actual expenditure of any appropriated funds for any particular project requires the approval of the Joint Budget Oversight Committee or its successor.

FISCAL IMPACT:

      This bill appropriates $9 million to DEP from the "Green Acres, Farmland and Historic Preservation, and Blue Acres Bond Act of 1995." This is the entire amount authorized by the bond act for post-storm acquisitions in the coastal area under the Blue Acres program.