N.J. Admin. Code § 19:35-3.3

Current through Register Vol. 57, No. 1, January 6, 2025

Section 19:35-3.3 - Waiver of public advertisement for sale of surplus real property

(a) In connection with the disposition of surplus real property, the SDA, in its sole discretion, may waive the advertising requirement set forth at N.J.A.C. 19:35-3.1 and more particularly described at N.J.A.C. 19:35-4.1, and may dispose of surplus real property for fair market value through a direct negotiated sale as defined at N.J.A.C. 19:35-1.2, if a determination is made that any of the following circumstances exist:

1. The disposition is of surplus real property, or any interest therein, having a fair market value not in excess of $ 100,000;

2. The subject surplus real property is unique and the disposition thereof requires an unusual contract or represents an unusual transaction that would not benefit from public advertising or public bidding;

3. The costs of environmental remediation activities or other activities required by governing authorities to effectively remediate the surplus real property, or activities required to render the surplus real property marketable are greater than or equal to the appraised value of the surplus real property;

4. The surplus real property to be sold is an undersized lot and is being offered to an adjacent owner for fair market value, provided that the adjacent landowner has no connection to, or affiliation with, the SDA or any of its employees;

5. The disposition of the surplus real property, or any interest therein, is to a public party or nonpublic party, for fair market value, provided that such surplus real property is used for an educational purpose;

6. The disposition of such surplus real property is to a public party for a valid public purpose that does not result in the loss of the tax exempt status of the bonds set forth at N.J.A.C. 19:35-1.1, and is for fair market value, or is for a sale price that is less than fair market value if approved by the SDA Board after taking into consideration additional analyses and valuations that affect fair market value; or

7. The disposition of such surplus real property is to a public or non-public party having no connection to, or affiliation with, the SDA or its employees, that has submitted an unsolicited offer to purchase, provided such offer is for not less than fair market value as evidenced by an independent appraisal prepared by a professional licensed appraiser and the SDA has determined that it would not benefit from a subsequent advertising or public bidding.

N.J. Admin. Code § 19:35-3.3

Adopted by 54 N.J.R. 647(a), effective 4/4/2022