By Scott Lippert, Esq.
On Friday, September 21, 2012, Governor Christie signed legislation further extending the effect of the Permit Extension Act of 2008. Under the new legislation, the expiration date for many governmental approvals and permits for land development is further extended to December 31, 2014. This is significant, because many developers have been deferring action on existing permits and approvals, due to the unfavorable economic conditions that have prevailed over the last four years or so.
The hope is that once the presidential election is behind us, and assuming we get past the “fiscal cliff”, conditions for development will improve and we’ll see an uptick in development activity. It would have served no useful purpose to require developers to go back to the various boards and agencies to obtain extensions of existing permits and approvals, or worse, to have to go back to square one and reapply. Let’s hope the additional time will lead to more activity.