2023 New Jersey Revised Statutes › Title 32 - Interstate and Port Authorities and Commissions › Section 32:36-18 - Disposition of property by the commission.

32:36-18 Disposition of property by the commission.
18. Disposition of property by the Commission.
a. Any sale of real property by the Commission shall be undertaken and conducted pursuant to the provisions of the existing laws governing the sale of real property by the Commission in the state in which such real property is located and by approval of the board.
b. No disposition of real property, or any interest in real property, shall be made unless an appraisal of the value of such real property has been made by an independent appraiser and included in the record of the transaction, and, provided further, that no disposition of any other real property, which because of its unique nature or the unique circumstances of the proposed transaction is not readily valued by reference to an active market for similar real property, shall be made without a similar appraisal.
c. Disposal of real property for less than fair market value. No property owned, leased, or otherwise in the control of the Commission may be sold, leased, or otherwise alienated for less than its fair market value unless:
(1) the transferee is a government or other public entity, and the terms and conditions of the transfer require that the ownership and use of the real property will remain with the government or any other public entity; or
(2) the purpose of the transfer is within the purpose, mission, or governing statute of the Commission and a written determination is made by the board that there is no reasonable alternative to the proposed below-market transfer that would achieve the same purpose of such transfer, prior to board approval of such a transfer.
d. The board shall adopt, prior to the appropriation of any property, appropriate rules and regulations concerning disposition, acquisition, and transfer of real property or any interest in real property by the Commission which shall, at a minimum, include a requirement that the following information be made available to the board at the meeting where approval of such a disposition, acquisition or transfer is scheduled:
(1) a full description of the property;
(2) a description of the purpose of the disposition, acquisition, or transfer;
(3) a statement of the value to be received from such a disposition, acquisition, or transfer;
(4) the names of any private parties participating in the disposition, acquisition, or transfer; and
(5) in the case of a property disposition for less than fair market value, an explanation and a written determination by the board that there is no reasonable alternative to the proposed below-market value that would achieve the same purpose of such disposition.
e. Not less than ten days in advance of any meeting of the board at which the board is to consider an action to authorize the sale of real property owned by the Commission, the chief executive officer of the Commission shall provide public notice of such proposed action along with relevant material terms and provisions of such sale including, but not limited to, the information made available pursuant to subsection d. of this section, by posting on the Commission's website.
f. The chief executive officer may authorize or arrange for contracts for the sale of personal property owned by the Commission upon such terms and conditions as the chief executive officer may deem proper and execute the same on behalf of the Commission where the value of such personal property is not in excess of $1,000,000; provided, however, that personal property valued at more than $250,000 shall not be sold by authority of the chief executive officer other than to the highest bidder after public advertisement. Where the value of such personal property is in excess of $1,000,000, the sale of such property must be authorized by the board upon such terms as the board may deem proper.
g. The Commission may retain brokers or third-party vendors that facilitate online auctions, or assist in disposing of surplus real and personal property of the Commission.
L.2019, c.195, s.18.