FMERA Board Authorizes Entrance into PSARA That Will Bring Additional High-Tech Jobs to Fort Monmouth
Building upon the Fort Monmouth Economic Revitalization Authority’s (FMERA) goal of bringing a technology cluster to Fort Monmouth, the FMERA Board this month approved entering into a Purchase and Sale Agreement & Redevelopment Agreement (PSARA) with Wayside Technology Group for the Commissary Building and approximately six acres of land in the Oceanport section of Fort Monmouth.
Founded in 1982, Wayside Technology is a public company providing computing products and solutions to corporate IT organizations, government agencies and educational institutions directly and through computer reseller networks. Currently located in Shrewsbury, the company plans to consolidate their headquarters and warehouse at the Commissary location and will upgrade the site, including interior renovations and exterior cleaning.
“For the third time in as many months, the FMERA Board has authorized staff to enter into a PSARA to bring a technology company to the Fort,” FMERA Director of Real Estate Development Dave Nuse said. “The relocation of Wayside Technology to Fort Monmouth is expected to result in the retention of 104 jobs in Monmouth County and the creation of 25 jobs in Oceanport within 36 months of closing.”
Last month, the New Jersey Economic Development Authority (EDA) approved Wayside Technology for a Grow New Jersey Award of up to $2.6 million in tax credits over ten years to remain and grow in Monmouth County instead of moving its operations out of state.
The 53,700 square-foot Commissary, built in 1998, was used as a grocery store by the Army.
The Commissary is on property FMERA is set to acquire via a negotiated Phase 2 Economic Development Conveyance (EDC) Agreement with the Army. FMERA continues to work aggressively to complete negotiations on the Phase 2 EDC Agreement with the Army and receive a deed to the property.
All Board actions take effect at the expiration of the statutory period for the Governor’s review and consideration of the meeting minutes.