The Fort Monmouth Economic Revitalization Authority (FMERA) is nearing its goal of taking possession of the remaining 560 acres of land on Fort Monmouth from the United States Army. The Monmouth County Board of Chosen Freeholders recently approved a plan to guarantee $35 million in notes and bonds through the Monmouth County Improvement Authority (MCIA) to support FMERA’s purchase of the property.
“When the Authority saw a chance to speed up economic revitalization of the Fort by purchasing the Phase 2 Economic Development Conveyance (EDC) property outright from the Army, we seized the opportunity,” FMERA Chairman James V. Gorman said. “We evaluated a range of options for financing the purchase and I am pleased that we are one step closer to making the purchase a reality.”
FMERA Executive Director Bruce Steadman said the option offered by the MCIA represents the most cost-effective solution, minimizing the burden on tax payers and enabling FMERA to continue its mission of attracting investment and jobs to the Fort. He noted that the purchase of the property from the Army will facilitate FMERA’s ability to redevelop the Fort, expediting job creation and producing tax revenues for the three host municipalities and Monmouth County.
At FMERA’s August Board meeting, the mayors of Fort Monmouth’s host municipalities – Eatontown’s Dennis J. Connelly, Oceanport’s Jay Coffey and Tinton Falls’ Gerald Turning – all spoke out in favor of the financing scenario, noting the positive impact the transfer of the property will have on the region.
Chairman Gorman commended Monmouth County Freeholder Lillian Burry on her efforts to bring the funding opportunity to fruition.
Upon transfer of the Phase 2 EDC property, FMERA will be able to close on three executed contracts and accelerate closing of six other pending projects.