PDCs Rights PDCs Allocated to Date 2,861.00 11,444 PDCs Severed - PowerPoint PPT Presentation

PDCs Rights PDCs Allocated to Date 2,861.00 11,444 PDCs Severed to Date 1,505.75 6,023 PDCs Sold to Date Private Sales 1,102.25 4,409 PDCs Sold to Date Public Sales 775.25 3,101

PDCs Rights PDCs Available for Purchase On “Sellers List” 228.00 912 Not on “Sellers List” 159.25 637 Total* 387.25 1,549 PDCs Redeemed 855.75 3,423 * Includes 23.75 PDCs owned by the PDC Bank

PDC Bank Annual Report Rights Allocated Through Fiscal 2 0 1 6 4 0 0 0 3 5 0 0 3 0 0 0 2 5 0 0 2 0 0 0 1 5 0 0 1 0 0 0 5 0 0 0 1 9 8 2 1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7 1 9 8 8 1 9 8 9 1 9 9 0 1 9 9 1 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 Num ber Rights Allocated TOTAL RI GHTS ALLOCATED: 1 1 ,4 4 4

Severance PDCs Rights Acres Managem ent Tow n Date Severed Severed Preserved Area 10/ 13/ 2015 0.50 2 14.95 APA Mullica 10/ 29/ 2015 0.25 1 2.78 PAD Barnegat 10/ 30/ 2015 0.50 2 2.95 RGA Medford Twp. 5/ 23/ 2016 1.00 4 38.53 PAD Tabernacle 5/ 23/ 2016 0.75 3 64.55 PAD Woodland 5/ 23/ 2016 1 5 143.53 PAD Woodland TOTAL PDCS SEVERED: 4 .0 0 TOTAL RI GHTS SEVERED: 1 6 TOTAL ACRES PRESERVED: 2 6 7 .2 9

Acres Managem ent Area Preserved Preservation Area District 21,216 Agricultural Production Area 13,797 Special Ag Production Area 16,814 Other 368 Total 52,194

PDC Bank Annual Report Lands Preserved by Managem ent Area Through Fiscal Year 2 0 1 6 Acres 1 % 2 6 % 4 1 % PAD SAPA APA Other 3 2 % Total: 5 2 ,1 9 4 acres

PDCs Sold: 1 4 .0 0 Rights Sold: 5 6 Average Sales Price $ 8 ,3 2 6 .0 0 Per Right:

PDC BANK ANNUAL REPORT TRENDS I N FI RST TI ME SALES OF PI NELANDS DEVELOPMENT CREDI TS BETW EEN PRI VATE PARTI ES THROUGH FI SCAL YEAR 2 0 1 6 1 ,4 0 0 1 ,2 0 0 1 ,0 0 0 NUMBER OF RI GHTS 8 0 0 6 0 0 4 0 0 FISCA YEAR 2 0 0 0 1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 1 9 8 7 1 9 8 8 1 9 8 9 1 9 9 0 1 9 9 1 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 NUMBER OF RI GHTS SOLD FOR THE FI RST TI ME BETW EEN PRI VATE PARTI ES

PDC BANK ANNUAL REPORT MEAN & MEDIAN PRIVATE PDC SALES PRICES 1997 THROUGH FISCAL YEAR 2016 $ 3 5 ,0 0 0 $ 3 0 ,0 0 0 DOLLARS PER RI GHT $ 2 5 ,0 0 0 $ 2 0 ,0 0 0 $ 1 5 ,0 0 0 $ 1 0 ,0 0 0 $ 5 ,0 0 0 $ 0 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6 FI SCAL YEAR Mean Sales Price Per Right Median Sales Price Per Right

PDCs Redeem ed 1 2 .7 5 Rights Redeem ed 5 1 Applications Redeem ing PDCs 1 1 Barnegat Egg Harbor Manchester Medford Tw p. Stafford W aterford

NUMBER OF PROJECTS 1 0 2 0 3 0 4 0 5 0 6 0 0 1 9 8 2 1 9 8 3 1 9 8 4 1 9 8 5 1 9 8 6 PI NELANDS DEVELOPMENT CREDI TS 1 9 8 7 1 9 8 8 THROUGH FI SCAL YEAR 2 0 1 6 TRENDS I N PROJECTS USI NG 1 9 8 9 1 9 9 0 NUMBER OF PROJECTS USI NG PDCs 1 9 9 1 1 9 9 2 1 9 9 3 1 9 9 4 1 9 9 5 1 9 9 6 1 9 9 7 1 9 9 8 1 9 9 9 2 0 0 0 2 0 0 1 2 0 0 2 2 0 0 3 2 0 0 4 2 0 0 5 2 0 0 6 2 0 0 7 2 0 0 8 2 0 0 9 2 0 1 0 2 0 1 1 2 0 1 2 2 0 1 3 2 0 1 4 2 0 1 5 2 0 1 6

SUPPLY DEMAND Immediate 1,549 rights 831 rights (FY2016) Future 6,750 rights 2,000 rights (2016 estimate) Proposed Rules 6,750 rights 7,200 rights

 PDC Bank reform  Affordable Housing  Municipal ordinance standards

 NJBA: PDC Bank reform must be accomplished prior to adoption of PDC amendments  Staff response: Draft amendments to the PDC Bank Act and pursue adoption by the Legislature  Formally relocate the Bank from DOBI to the Pinelands Commission

 Restructure PDC Bank Board membership  Pinelands Commission Chair  Two Pinelands Commissioners  SADC Executive Director  DEP Chief of Land Acquisition/ Green Acres  Pinelands farmer  Land conservation expert  Development/ redevelopment expert  Banking/ finance expert  Pinelands Commission Chair to appoint members  Pinelands Commission to appoint Chair

 Enable the Bank to serve as a “clearinghouse” for PDCs  Authorize the Bank to buy and sell PDCs at an annually established price  Secure funding for initial PDC purchase and increased administrative responsibilities

 NJBA: PDC requirements for affordable housing units, or for market rate units in inclusionary projects, destroy economic feasibility; request data on approved projects with affordable units (# units, densities, PDCs)  Staff response: the Commission does not track affordable units; examples of projects, municipal zoning and affordable housing agreements offered to illustrate approved densities and PDC use

 NJBA: Review all municipal ordinance standards and correct those that directly impact the ability to achieve density, prior to adoption of PDC amendments  Staff response: standards will be addressed when municipalities adopt ordinances in response to the PDC amendments; in the interim, staff will evaluate any specific ordinance standards that NJBA identifies