Talks over Transfer of Ft. Monmouth near Completion
Negotiations between the Fort Monmouth Economic Revitalization Authority and the Army over the transfer of the 1,100-acre property are close to being finalized. The price and other details may be announced as soon as the LRA’s Aug. 17 meeting.
A formal agreement could not be completed before the Housing and Urban Development Department (HUD) reviewed the authority’s reuse plan. HUD approved the plan in June, reported the Hub.
The Army will maintain the site after the post’s Sept. 15 closure at an estimated cost of $8 million a year until the property is conveyed, according to the story.