Monmouth County’s Board of Freeholders last week voted to guarantee $35 million in notes and bonds the Fort Monmouth Economic Revitalization Authority (FMERA) needs to purchase 560 acres at the former post located on the northern New Jersey coast from the Army.
The guarantee will allow the LRA to take advantage of Monmouth County’s triple A rating and obtain the lowest possible interest rate on the bond issuance, reported the Asbury Park Press.
FMERA will repay bondholders through sales of property on the main post, which the county estimates has a market value exceeding $90 million.
The sale — which will provide FMERA 560 acres on the main post outright for $33 million — represents the second transfer of property between the Army and the LRA. The Army sold the agency three parcels on the main post and the installation’s Charles Wood section for $1 in an earlier sale. That transaction requires FMERA to pay the Army 60 percent of the revenue it receives for property sales, according to the story.
“The potential impact of this redevelopment on our residents is enormous,” said Freeholder Lillian Burry, who sits on the FMERA board. “The entire Fort Monmouth property encompasses 1,126 acres across the boroughs of Eatontown, Oceanport and Tinton Falls, with the total improved value estimated at $1 billion over the next 10 years,” Burry said.
The installation’s reuse plan calls for 1,585 housing units; 300,000 square feet of nonprofit, public and educational space; 500,000 square feet of retail; and 2 million square feet dedicated to offices, research and other commercial uses.