The Army will sell the remaining parcels on the main post at the former Fort Monmouth on the northern New Jersey coast to the Fort Monmouth Economic Revitalization Authority for $33 million, under a draft agreement.
While no date has been set for the two parties to complete the deal, LRA officials believe the property transfer should be completed by early fall, reported the Asbury Park Press.
“There’s no doubt in my mind now we’re going to get there. It’s either going to be August, September or October,” said Bruce Steadman, the LRA’s executive director.
The deal for the remaining parcels on the main post — which will be an outright sale of the property to the LRA — marks the second phase of the property transfer. The LRA plans to seek funding for the purchase from the Monmouth County Improvement Authority.
The LRA plans to cover about $10 million of the debt through the sale of three parcels of land on the main post within a year of the transfer. The Army will retain all statutory environmental responsibilities on the main post, under the terms of the transfer.
The Army earlier conveyed three parcels on the main post and the installation’s Charles Wood tract to the authority for $1. The Army receives 60 percent of the revenue from parcels sold under that agreement.