N.J. Stat. § 40:61-22.4: Lease of lands when fixed minimum price not bid

In the event that there shall be no bids or the amount bid at such public sale shall not equal the minimum price fixed by resolution of the governing body, then the municipality in lieu of making sale thereof is authorized to lease said lands for a term not exceeding thirty years, at such rental and upon such conditions, terms and limitations as shall be determined upon by resolution of the governing body of such municipality.

L.1938, c. 87, p. 206, s. 3, eff. April 4, 1938.