§ 228-12. Borough rehabilitation of property; submission of plan to court.

A. 

If no mortgage holder or lienholder meets the conditions of N.J.S.A. 55:19-88, then the Borough shall submit a plan to the court which conforms with the provisions of N.J.S.A. 55:19-87.

B. 

The court shall grant the Borough possession of the property if it finds that:

(1) 

The proposed rehabilitation and reuse of the property is appropriate and beneficial;

(2) 

The Borough is qualified to undertake the rehabilitation and reuse of the property; and

(3) 

The plan submitted by the Borough represents a realistic and timely plan for the rehabilitation and reuse of the property.

C. 

The Borough shall take all steps necessary and appropriate to further the rehabilitation and reuse of the property consistent with the plan submitted to the court. In making its findings pursuant to this section, the court may consult with qualified parties, including the Department of Community Affairs, and, upon request by a party in interest, may hold a hearing on the plan.