The Fort Monmouth Economic Revitalization Authority (FMERA) Board this month approved FMERA to enter into a Memorandum of Understanding (MOU) with the New Jersey Economic Development Authority (EDA) for predevelopment services for Parcel F-1 in Tinton Falls that will ultimately lead to redevelopment of the property. Parcel F-1 holds several prominent buildings, including the 673,000-square-foot Myer Center and the 47,000-square-foot former Night Vision Lab.
FMERA entered into a contract to acquire Parcel F-1 from the Army in 2012 under the Economic Development Conveyance Agreement and obtained the property in May 2014. The statute that created FMERA designated the EDA as a redeveloper of Fort Monmouth property.
“The buildings on Parcel F-1 are considered obsolete and, rather than let them remain vacant, FMERA and the EDA are working together to spur economic development by creating jobs and developing ratables in the region,” FMERA Executive Director Bruce Steadman said.
Two previous attempts to sell the property through the Request for Offers to Purchase process received no responses.
Under the MOU, which was also approved by the EDA Board this month, the EDA will hire consultants through a public process to prepare plans, specifications and scopes of work for the environmental remediation and demolition of the Parcel F-1 buildings. To determine the cost of the remediation and demolition, the plans will subsequently be used to issue bid documents for the remediation and demolition of the existing buildings on Parcel F-1.
Once proposals are obtained, FMERA and the EDA will complete negotiations for a purchase and sale and redevelopment agreement (PSARA) through which EDA may purchase Parcel F-1 and attempt to recoup its investment for the predevelopment services, purchase price and related costs by pursuing one and/or a mix of the following strategies: selling or leasing Parcel F-1 in one or several transactions, planning a technology or other park on the property, and obtaining federal grant funds for infrastructure improvements to F-1.
Note: Board actions taken by the EDA and FMERA are subject to a ten (10) day veto period by the Governor.