The Highlands Development Credit Bank has spent $4,988,000 to date to buy the development rights to seven properties in the 860,000-acre region in North and Central Jersey. Offers to another nine property owners, totaling $2,996,000, are currently pending. Three other properties declined to accept a total of $352,000. The bank currently has a little more than half of the original $10 million it was given several years ago by Gov. Jon Corzine, but if all pending offers are accepted, there will be just about $2 million left. To date, no voluntary receiving areas, where the development credits could be used, have been designated.