[CPEO-MEF] REUSE: Fort Monmouth (NJ) land sales

[Lenny Siegel <lsiegel@cpeo.org>]

Fort Monmouth developers expected to spend $32M on land in 2021

By Dan Radel
Asbury Park Press (NJ)
December 18, 2020

OCEANPORT - The Fort Monmouth Economic Revitalization Authority, or FMERA, has approved a $32 million budget for 2021 based on projected land sales at the former U.S. Army base.

FMERA - the state agency redeveloping the fort's properties - has 10 parcels in the pipeline that it expects to close on in the upcoming year. The total revenue from those sales would be $32,221,182. 

The agency would net $21,483,506 from the sales after subtracting several costs. Those costs include $4,735,125 to Monmouth County to pay down the remaining $22,185,000 balance on a 2016 loan it took from the county to buy the Phase II parcels totaling 506 acres from the U.S. Army. The original loan amount was $35 million. 


…

For the entire article, see
https://www.app.com/story/news/local/redevelopment/2020/12/18/fort-monmouth-developers-fmera-expected-spend-32-m-land-2021/3943345001/

--

Lenny Siegel
Executive Director
Center for Public Environmental Oversight
A project of the Pacific Studies Center
LSiegel@cpeo.org
P.O. Box 998, Mountain View, CA 94042
Voice/Fax: 650-961-8918
http://www.cpeo.org





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