[HISTORY: Adopted by the Mayor and Council of the Borough of Red Bank 4-13-2009 by Ord. No. 2009-12. Amendments noted where applicable.]
Planning and development regulations — See Ch. 490.
It is the purpose and intent of the Borough of Red Bank to restrict the use of its authority pursuant to the Local Redevelopment and Housing Law, N.J.S.A. 40A:12A-1 et seq., as that law may be amended and supplemented, to exercise the power of eminent domain in order to transfer any privately owned properties to a private developer.
The Mayor and Council shall not exercise the power of eminent domain pursuant to the Local Redevelopment and Housing Law to acquire any privately owned property within any redevelopment area created within the Borough for the purpose of selling or transferring such property to a developer or other private entity in furtherance of any redevelopment project.