N.J. Admin. Code § 19:35-5.9

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

Section 19:35-5.9 - Offer to purchase process for surplus real property: evaluation of offers to purchase

(a) The SDA shall evaluate each offer to purchase received in accordance with this subchapter and shall identify the offer(s) determined to be responsive to all material elements set forth in the advertised Notice of Solicitation of Offers to Purchase. The SDA shall select the winning offer based on an evaluation of price and other factors.

(b) Other factors that may be considered in connection with an evaluation pursuant to this section may include, but are not limited to:

1. The proposed consideration, inclusive of both monetary and non-monetary components, if applicable, for identified surplus real property. If the proposed consideration varies from the fair market value of the surplus real property established by an independent, professional licensed appraiser, the SDA may, but shall not be obligated to, evaluate the proposed consideration taking into account supported adjustments made for any valuation considerations identified by the SDA, including environmental concerns, that are not captured in the appraisal valuation;

2. The purchase terms, including any required due diligence period and payment for such period;

3. The material terms of the purchase proposed by the offeror with respect to terms and conditions that are subject to negotiation;

4. The proofs made available that demonstrate the offeror's financial capacity to meet the proposed terms of purchase; and

5. Any other factors identified by the SDA in a specific Notice of Solicitation of Offers to Purchase.

(c) If more than one tract or parcel of surplus real property is included in the Notice of Solicitation of Offers to Purchase, the SDA may require separate offers for each individual tract or parcel, may evaluate the offers received for each tract or parcel separately, and may accept a separate offer to purchase for each tract or parcel separately.

N.J. Admin. Code § 19:35-5.9

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