N.J. Admin. Code § 19:31C-2.5

Current through Register Vol. 56, No. 17, September 3, 2024

Section 19:31C-2.5 - Offer to purchase process

(a) Before advertising a particular parcel of real property and accompanying personal property as being available for sale through the offer to purchase process, the Board shall review and approve a recommendation of the Director and FMERA to offer the property for sale through the offer to purchase process. In its determination to use the offer to purchase process, the Board also may consider various factors including, but not limited to, purchase price, jobs to be created and timing, to determine whether the offer to purchase process will enhance the economic value to FMERA or Fort Monmouth. If a party has approached the FMERA with an offer, in its determination to use the offer to purchase process, the Board also may consider the proposed purchase price as compared to a valuation of the real and/or personal property established by an appraisal report prepared by a professional licensed appraiser.

(b) For any real property and accompanying personal property to be sold through the offer to purchase process, FMERA shall advertise a notice of the availability of the property for sale through the offer to purchase process on the Authority's website, on the New Jersey State business portal and shall place an advertisement for same in the "Public/Legal Notice section of the Star Ledger, the Asbury Park Press and if FMERA deems it appropriate, in possibly other regional newspaper(s) or publications.

(c) Each notice of availability for sale through the offer to purchase process shall specify the period of time for submitting an offer to purchase the particular property which period for submitting offers to purchase shall not be less than 30 days.

(d) In addition, FMERA may contact potential purchaser(s) directly to seek to increase the number of offers to purchase received in response to an advertised solicitation.

N.J. Admin. Code § 19:31C-2.5