N.J. Admin. Code § 19:35-5.34

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

Section 19:35-5.34 - Disposition for less than fair market value

(a) If the SDA shall fail to reach agreement with respect to the disposition of surplus real property, despite advertising a disposition through:

1. A solicitation of offers to purchase pursuant to N.J.A.C. 19:35-5.2;

2. A solicitation of sealed bids pursuant to N.J.A.C. 19:35-5.19;

3. A disposition through internet auction pursuant to N.J.A.C. 19:35-5.32; or

4. A direct negotiated sale for fair market value pursuant to N.J.A.C. 19:35-5.33, then SDA may dispose of the surplus property in any lawful manner for less than the originally estimated fair market value, provided that any proposed consideration below the originally estimated fair market value must be approved by the SDA Board based on the written analysis and recommendation of appropriate SDA staff.

N.J. Admin. Code § 19:35-5.34

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