N.J. Admin. Code § 19:35-5.1

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

Section 19:35-5.1 - Methods of Disposition of Surplus Real Property

(a) Whenever, consistent with this chapter, it is determined that the disposition of tract(s) or parcel(s) of real property that has been determined to be surplus real property pursuant to N.J.A.C. 19:35-2.3, and that does not qualify as exempt from the advertising requirements pursuant to N.J.A.C. 19:35-3.3, would be advantageous to the school construction program, the Board shall set an approved minimum disposition price for such surplus property. The determination of an approved minimum disposition price may occur at the time of declaration of such real property as surplus pursuant to N.J.A.C. 19:35-2.3, or thereafter at the time the SDA initiates the disposition. The SDA may sell such surplus real property after public advertisement through one of the following methods:

1. Through the process of solicitation of offers to purchase as described at N.J.A.C. 19:35-5.2 through 5.18;

2. Through the process of solicitation of sealed bids as described at N.J.A.C. 19:35-5.19 through 5.31; or

3. Through the internet auction process as described at N.J.A.C. 19:35-5.32.

(b) Surplus real property may also be disposed of through the disposition by the direct negotiated sale process described at N.J.A.C. 19:35-5.33, if the conditions for such direct negotiated sale have been met.

(c) The disposition of surplus real property shall be in accordance with the terms and conditions established in this subchapter.

(d) Nothing in this chapter shall prohibit or prevent the SDA from using or availing itself of any method to dispose of surplus real property as may be otherwise permitted by law or rule.

N.J. Admin. Code § 19:35-5.1

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