N.J. Admin. Code § 19:35-5.14

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

Section 19:35-5.14 - Offer to purchase process for surplus real property: cancellation of solicitation and disposition; withdrawal of tracts or parcels

(a) The SDA may, on a case-by-case basis, cancel a solicitation and reject all offers received upon the occurrence of any of the following grounds for cancellation:

1. No offers to purchase are received or only one offer to purchase is received in response to a Notice of Solicitation of Offers to Purchase;

2. The offer prices submitted are unfavorable in the current market;

3. The SDA determines that insufficient competition results from the advertisement and any outreach efforts; or

4. For any other reason in the best interests of the school construction program.

(b) In the event of the occurrence of such grounds for cancellation, the SDA reserves the right to determine, on a case-by-case basis, whether the disposition:

1. Shall nevertheless be consummated; or

2. Should be terminated, with rejection of all offers submitted.

(c) If the disposition is terminated, the SDA reserves the right to determine, on a case-by-case basis, whether:

1. The surplus real property should be re-offered for disposition; or

2. Otherwise disposed of in a manner that is consistent with this chapter.

N.J. Admin. Code § 19:35-5.14

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