The Army will transfer more than 560 acres at the former Fort Monmouth to the Fort Monmouth Economic Revitalization Authority through an economic development conveyance (EDC) over the next nine months, under an agreement signed last week by the Army and the state of New Jersey.
By June 15, the Army will convey a 55-acre parcel that is designated to house a 650,000-square-foot headquarters for locally based CommVault, reported the Asbury Park Press. A number of other parcels — including the former Paterson Army Hospital which is slated to be purchased by AcuteCare Health Systems — will be transferred by Oct. 1. The final two parcels will be conveyed by Feb. 1, 2013, according to Thursday’s agreement.
Over the next 12 to 18 months, the LRA and the Army will negotiate a transfer agreement for the second phase, covering the remainder of the post’s 1,100 acres.
The EDC agreement calls for the Army to receive 63 percent of the revenue from parcels sold in the first phase, with some exceptions. The Army will receive 20 percent of lease income for the first two years and 63 percent afterward from phase 1 parcels that are leased, according to the story.
“The FMERA Board has focused on three main priorities — jobs, jobs and jobs. Today, we are one step closer to achieving this objective,” said James Gorman, board chairman of the revitalization authority at the signing ceremony, according to a written statement.