[Added 11-10-1988 by Ord. No. 88-10; amended 3-12-1998 by Ord. No. 98-1; 4-12-2001 by Ord. No. 2001-1]
No development involving the use of Pinelands development credits shall be approved until the developer has provided the Commission and the Borough approving authority with evidence of his ownership and redemption of the requisite Pinelands development credits; provided, however, that the Borough approving authority may grant general development plan, preliminary subdivision or preliminary site plan approval conditioned upon such evidence being presented as a prerequisite to final subdivision or site plan approval. For such a final subdivision or site plan, the developer shall provide evidence of Pinelands development credit ownership and redemption to secure the same proportion of lots or residential units as was approved for Pinelands development credit use in the preliminary approval or, as appropriate, the general development plan. Notification of any such development approval shall be made to the Pinelands Commission pursuant to §
285-8H and to the New Jersey Pinelands Development Credit Bank in accordance with N.J.A.C. 3:42-3. Redemption of the requisite Pinelands development credits shall occur in accordance with N.J.A.C. 3:42-3.6, prior to the memorialization of the resolution granting final subdivision or site plan approval, or if no such approval is required, prior to the issuance of any construction permits.