reglab/statecodes huggingface dataset:
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31B - DIRECT LOAN PROGRAM › Subchapter 1 - DIRECT LOAN PROGRAM › Section 19:31B-1.3 - Application procedures

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The prospective
				  applicant should consult with the Authority to determine if the project is
				  eligible for consideration.
(b) To
				  apply, a completed Application for Financial Assistance (Application)
				  concerning the project must be submitted to the Authority for review, together
				  with the Application fee.
(c) A
				  completed Application includes:
1. A history
				  and description of the applicant's business;
2. A description of the proposed project and
				  a detailed breakdown of the use of the loan proceeds;
3. Annual financial statements for the three
				  most recent years, including the balance sheets, operating statements and
				  reconciliations of the source and application of funds;
4. A current interim statement, if the most
				  recent annual financial statement is more than six months old;
5. Three years of projections, including the
				  balance sheets, operating statements, reconciliation of the source and
				  application of funds, and a detailing of the assumptions used in preparing the
				  projections;
6. A list of the
				  applicant's five largest customers, including the customer name, address,
				  telephone number, and contact person;
7. A list of the applicant's five largest
				  suppliers, including the supplier name, address, telephone number, and contact
				  person;
8. A schedule of all
				  officers, directors, and stockholders (owning 10 percent or more of the stock),
				  including resumes and signed, dated personal financial statements;
				  and
9. For the Brownfields Loan
				  Program, applications shall be accompanied by:
i. A letter of support from the mayor or the
				  governing body if the position of mayor does not exist of the municipality in
				  which the brownfield site is located;
ii. In the case of municipalities making
				  application, all approvals required by the Local Finance Board in the Division
				  of Local Government Services, Department of Community Affairs;
iii. A plan for the redevelopment project,
				  specifically including the proposed reuse of the brownfield site and a
				  description of the relation of the reuse plan to applicable local redevelopment
				  plan, zoning, and land use;
iv. A
				  completed report prepared by a licensed site remediation professional pursuant
				  to N.J.A.C. 7:26E, Technical Requirements for Site Remediation; and
v. Any applicable report prepared by other
				  qualified professionals that demonstrates that the structure on the brownfield
				  site is a contaminated building.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31B - DIRECT LOAN PROGRAM › Subchapter 1 - DIRECT LOAN PROGRAM › Section 19:31B-1.4 - Evaluation process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When all of the required information is
				  received, the Authority will perform its own credit evaluation based on the
				  following:
1. Visitation to the applicant's
				  place of business, which may take place prior to the Application as part of the
				  meeting to determine eligibility;
2. An analysis of historic and projected
				  financial statements and a comparison to industry peers;
3. An independent industry study using source
				  material such as the U.S. Department of Commerce's Industrial Outlook and the
				  Standard & Poor's Industry survey, comparing the applicant's projections to
				  the study, and considering the short term and long term outlook for the
				  industry;
4. Contact with
				  applicant's customers to ascertain the quality of the product or service
				  provided, the competitiveness of the pricing, reliability and timeliness of
				  delivery, length of the relationship, likelihood of the relationship being
				  continued, and the customers' opinions of the applicant's management;
5. Contact with applicant's suppliers to
				  ascertain the length of the relationship, the amount of credit extended, the
				  amount of purchases, payment history, the likelihood of the relationship being
				  continued, and possibly an opinion of applicant's management;
6. Contact with applicant's bank(s) to
				  ascertain credit history and an opinion of the applicant's
				  management;
7. An analysis of
				  collateral available to secure the requested financing as to adequacy of
				  amount, quality, condition, and marketability; and
8. Independent credit investigations of the
				  applicant and its principals, which may include real estate searches, financing
				  statement searches, and judgment and lien searches.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › NEW JERSEY ECONOMIC DEVELOPMENT AUTHORITY › Chapter 31B - DIRECT LOAN PROGRAM › Subchapter 1 - DIRECT LOAN PROGRAM › Section 19:31B-1.6 - Attorney General review

Current through Register Vol. 56, No. 14, July 15, 2024
All financing documents, including the Application, are
					 subject to review by the Attorney General's Office.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.1 - Applicability and scope

Current through Register Vol. 56, No. 14, July 15, 2024
The Fort Monmouth Economic Revitalization Authority is
					 promulgating this subchapter to govern the lease of real property and
					 accompanying personal property as part of its mission in planning and
					 implementing the redevelopment and reuse of Fort Monmouth and pursuant to
					 authorization under
					 P.L.
					 2010, c. 51
					 (52:27I-18 et seq.).
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this
					 subchapter, shall have the following meanings unless the context clearly
					 indicates otherwise.
"Authority" means the Fort Monmouth Economic Revitalization
					 Authority.
"Board" means the Board of the Fort Monmouth Economic
					 Revitalization Authority.
"Director" means the Director of the Fort Monmouth Economic
					 Revitalization Authority.
"FMERA" means the staff responsible for carrying out the
					 policies, mission, and purpose of the Fort Monmouth Economic Revitalization
					 Authority.
"Market rent" means the rental rate, commonly expressed as
					 a rate per square foot, as determined by a professional licensed appraiser or a
					 valuation consultant retained by the Authority.
"Plan" means the Fort Monmouth Reuse and Redevelopment Plan
					 prepared and adopted by the Authority's predecessor authority, the Fort
					 Monmouth Economic Revitalization Planning Authority.
"Public agency" means a branch or office of the Federal
					 government, State departments, agencies or authorities, public institutions of
					 higher education, the county, and the host municipalities.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.3 - Advertising process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) FMERA shall
				  publicly advertise a notice of each opportunity for the lease of real and
				  accompanying personal property on the Authority's website, on the New Jersey
				  State business portal and place an advertisement for same in the "Public/Legal
				  Notice" section of the Star Ledger, the Asbury Park Press and, if FMERA deems
				  it appropriate, in other regional newspaper(s) or publications.
(b) In addition to (a) above, FMERA may
				  contact potential lessees directly to seek to increase the number of proposals
				  received in response to an advertised opportunity to lease.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.4 - Proposal request

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The public
				  notice of opportunity to lease shall request proposals for a lease of a
				  particular parcel or building, which shall include the time, date, and format
				  in which the proposal is to be submitted. The notice shall also include a name
				  and phone number or other contact information potential lessees can use to
				  obtain additional information about the leasing opportunity.
(b) Each public notice of opportunity to
				  lease shall specify material terms of the lessor-lessee relationship that are
				  to be proposed by potential lessees and material terms that are required for
				  the particular lease and not subject to bidding shall be specified either
				  through the advertisement for notice of opportunity to lease, a specimen form
				  of lease agreement, or on the Authority's website.
(c) Proposals will be opened on the date
				  specified in the public notice. After proposals have been publicly opened,
				  FMERA may seek best and final proposals from one or more potential lessees that
				  timely submitted a responsive proposal for the particular real property and
				  accompanying personal property.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.5 - Proposal submission

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All
				  proposals shall be submitted on or before the specified time and date required
				  by the public notice and contain all information requested by FMERA. Unless
				  otherwise specified in the notice, a proposal shall not be submitted by
				  telephone, facsimile, or other electronic means.
(b) All proposals shall include a certified,
				  cashier's, or bank check made payable to the Authority in the amount of 10
				  percent of the first year's rent, which shall be held by the Authority as a
				  deposit and applied to the rental payments for the accepted proposal, and
				  returned to all others.
(c) Deposit
				  checks shall be deposited by FMERA into an FDIC-insured interest bearing
				  account with interest accruing to the benefit of the potential lessee. Deposits
				  paid by unsuccessful potential lessees, with accrued interest, shall be
				  returned when FMERA issues its notice of intent to award a lease in accordance
				  with 19:31C-1.1 4(c).
(d) Proposals received by FMERA shall be held
				  unopened until the close of the proposal submission period, at which time all
				  proposals received shall be publicly opened and the identities of the potential
				  lessees, but not the substance of the proposals, will be read.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.6 - Extension of time to submit proposal

Current through Register Vol. 56, No. 14, July 15, 2024
The Director may extend the time for opening proposals at
					 the request of a potential lessee who notifies FMERA that he or she intends to
					 submit a proposal and gives valid reasons why he or she will not meet the
					 proposal opening date. The potential lessee making this request shall do so in
					 writing and specify the length of additional time requested. The written
					 request must be received by FMERA no later than one week prior to the proposal
					 submission deadline. If granted, extensions of time for opening of proposals
					 shall be applicable to all potential lessees and shall be posted on the
					 Authority's website. All proposals shall be held and remain sealed until the
					 expiration of the time extension granted by the Director.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.7 - Prices

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A proposal
				  shall include all material price information required by the public notice.
				  Prices shall be typewritten, photocopied, or written in ink or some other
				  indelible substance.
(b) Unless the
				  public notice states otherwise, the prices submitted shall remain effective for
				  90 days after the opening date, subject to any negotiations conducted in
				  accordance with
				  19:31C-1.1 3.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.8 - Withdrawal of proposal

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to the
				  time for opening proposals, a potential lessee may, for any reason, request the
				  withdrawal of his or her proposal. The request shall be made in writing to
				  FMERA and shall be signed by a person authorized to submit the proposal (such
				  as the owner or owner's designated representative, or an attorney or real
				  estate broker with written permission to negotiate and act as attorney-in-fact
				  for owner). Proof of authorization shall accompany the request.
(b) After the opening of the proposals, if
				  either the potential lessee or FMERA discover a material error in a proposal,
				  the potential lessee may request the withdrawal of the proposal. If the error
				  is discovered by FMERA, the potential lessee will be notified in writing, and
				  the potential lessee will have five business days from receipt of the notice to
				  request withdrawal of the proposal. Any request to withdraw from the potential
				  lessee shall be addressed to FMERA, which will return the proposal if the
				  potential lessee can demonstrate that he or she exercised reasonable care in
				  preparing and submitting the proposal, and that it would be unconscionable for
				  FMERA to enforce the proposed lease agreement. The decision to grant or deny
				  any such request shall be at the sole discretion of the Director.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.9 - Correction of pricing error

Current through Register Vol. 56, No. 14, July 15, 2024
(a) FMERA shall
				  correct a pricing error in a leased space proposal under the following
				  circumstances:
1. Unless the public notice
				  states otherwise, or the result would be unconscionable, where a leased space
				  proposal contains a discrepancy between a unit price and a total price based on
				  those units, the unit price shall govern. Where the proposal contains any other
				  price discrepancy, FMERA shall determine the price if the leased space proposal
				  contains clear evidence of the intended price.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.10 - Verification of proposal

Current through Register Vol. 56, No. 14, July 15, 2024
FMERA may seek information outside of the proposal to
					 verify the accuracy and responsiveness of the proposal, and whether the
					 potential lessee is responsible. FMERA may request such information from the
					 potential lessee, from public records, or from others familiar with the
					 potential lessee or the space. Such information may clarify, but not modify, a
					 lease proposal. Such investigation may include, but shall not be limited to,
					 contacting the potential lessee's surety companies, financial institutions, and
					 prior lessees, or visiting the potential lessee's place of business and
					 property sites.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.11 - Rejection of all proposals, re-advertisement and termination

Current through Register Vol. 56, No. 14, July 15, 2024
FMERA reserves the right to reject all lease proposals and
					 to either re-advertise or terminate an advertised opportunity to lease if FMERA
					 determines that insufficient competition results from the initial
					 advertisement, the price is unfavorable in the current market, or for any other
					 reason in the best interests of the Authority or the redevelopment plans for
					 Fort Monmouth.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.12 - Evaluation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) FMERA shall
				  evaluate each lease proposal received in accordance with this subchapter and
				  shall identify the proposal(s) determined to be responsive to all material
				  elements set forth in the notice, including, but not limited to:
1. The rent rate per square foot;
2. The lease term;
3. The total tenant investment during lease
				  term;
4. The estimate of jobs to be
				  created or relocated to the parcel;
5. The potential lessee's financial capacity
				  to meet the proposed terms of the lease;
6. The use of leased space;
7. The impact to the host municipality;
				  and
8. Confirmation that the
				  potential lessee's proposed use is consistent with the Plan.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.13 - Negotiations

Current through Register Vol. 56, No. 14, July 15, 2024
FMERA may seek to obtain business terms that better suit
					 the interests of the Authority and the redevelopment plans for Fort Monmouth by
					 negotiating with the one or more potential lessee(s) that submit the best lease
					 proposal(s) in accordance with the above noted evaluation criteria. FMERA
					 reserves the right to negotiate with some, but not all, potential lessees who
					 submitted a proposal based on the initial submissions.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.14 - Recommendation, review, and award

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director
				  and FMERA shall recommend to the Board the one potential lessee who will
				  provide the lease agreement which is in the best interests of the Authority and
				  the redevelopment plans for Fort Monmouth considering price and other factors.
				  The Director and FMERA may decide not to recommend any lease proposals to the
				  Board.
(b) The Board shall
				  determine whether to issue a notice of intent to award a lease agreement and
				  reject competing proposals or to take other appropriate action.
(c) Upon approval by the Board of an award of
				  lease, FMERA shall issue a notice of intent to award a lease agreement and send
				  it to all potential lessees that submitted a proposal. The notice of intent to
				  award a lease agreement shall set forth all of the material terms of the lease
				  agreement. FMERA shall finalize the lease agreement which shall be executed by
				  the Director.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.15 - Challenges

Current through Register Vol. 56, No. 14, July 15, 2024
(a) After the
				  date of the notice of intent to award a particular proposed lease agreement,
				  potential lessees who submitted a proposal may review:
1. Proposals submitted by other potential
				  lessees;
2. FMERA's comparative
				  summary of proposals received; and
3. Records of the negotiations, if
				  any.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 1 - REAL AND PERSONAL PROPERTY LEASING › Section 19:31C-1.16 - Documents considered public information

Current through Register Vol. 56, No. 14, July 15, 2024
After FMERA's issuance of notice to all potential lessees
					 of intent to award the particular lease proposal approved by the Board, the
					 documents submitted by potential lessees (excluding those items exempt from
					 public access pursuant to
					 47:1A-1 et seq.) shall be
					 considered public information, notwithstanding any disclaimers submitted by the
					 potential lessees to the contrary.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.1 - Applicability and scope

Current through Register Vol. 56, No. 14, July 15, 2024
The Fort Monmouth Economic Revitalization Authority is
					 promulgating these rules to govern the sale of real property and accompanying
					 personal property as part of its mission in planning and implementing the
					 redevelopment and reuse of Fort Monmouth and pursuant to authorization under
					 P.L.
					 2010, c. 51 (
					 52:27I-18 et seq.). The Authority
					 intends to execute the aforementioned task through the two processes set forth
					 in these rules--the sealed bid process and the offer to purchase process when
					 real and personal property have been advertised for sale.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.2 - Definitions

Current through Register Vol. 56, No. 14, July 15, 2024
The following words and terms, when used in this
					 subchapter, shall have the following meanings unless the context clearly
					 indicates otherwise:
"Authority" means the Fort Monmouth Economic Revitalization
					 Authority.
"Board" means the Board of the Fort Monmouth Economic
					 Revitalization Authority.
"Director" means the Director of the Fort Monmouth Economic
					 Revitalization Authority.
"FMERA" means the staff responsible for carrying out the
					 policies, mission and purpose of the Fort Monmouth Economic Revitalization
					 Authority.
"Offer to purchase process" means an invitation to submit
					 an offer to purchase a particular parcel that has been advertised as being
					 available for sale through the offer to purchase process with the offer period
					 remaining open until the date specified in the advertisement.
"Plan" means the Fort Monmouth Reuse and Redevelopment Plan
					 prepared and adopted by the Authority's predecessor authority.
"Sealed bid process" means a solicitation for competitive
					 sealed bids to purchase a particular parcel that has been advertised as being
					 available for sale through the sealed bid process with a requirement that
					 sealed bids be received by the advertised bid due date.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.3 - Sealed bid process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For any real
				  property and accompanying personal property to be sold through the sealed bid
				  process, FMERA shall advertise a notice of each solicitation for sealed bids on
				  the Authority's website and on the New Jersey State business portal and shall
				  place an advertisement for same in the "Public/Legal Notice" section of the
				  Star Ledger, the Asbury Park Press and if FMERA deems it appropriate, in other
				  regional newspaper(s) or other publications. Advertisements on the Authority's
				  website and the New Jersey State business portal shall be maintained until the
				  close of the bidding period.
(b) In
				  addition, FMERA may contact potential purchaser(s) directly to seek to increase
				  the number of sealed bids received in response to an advertised solicitation to
				  purchase.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.4 - Sealed bid requests

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The notice
				  of solicitation for sealed bids shall request sealed bids for the purchase of a
				  particular parcel of real property and accompanying personal property and shall
				  include the time, date and format in which the sealed bids are to be submitted.
				  The notice shall also include a name and phone number or other contact
				  information potential purchaser(s) can use to obtain additional information
				  about the solicitation.
(b) Each
				  solicitation to purchase through the sealed bid process shall specify material
				  terms of the sale that are to be proposed by bidders and material terms of sale
				  that are required for the particular sale and not subject to bid which shall be
				  specified either through the solicitation to purchase, a specimen form of
				  purchase agreement, or on the Authority's website.
(c) Sealed bids will be opened on the date
				  specified in the solicitation. After sealed bids have been publicly opened,
				  FMERA may seek best and final sealed bids from one or more bidders that timely
				  submitted a responsive bid for the particular real property and accompanying
				  personal property.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.5 - Offer to purchase process

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Before
				  advertising a particular parcel of real property and accompanying personal
				  property as being available for sale through the offer to purchase process, the
				  Board shall review and approve a recommendation of the Director and FMERA to
				  offer the property for sale through the offer to purchase process. In its
				  determination to use the offer to purchase process, the Board also may consider
				  various factors including, but not limited to, purchase price, jobs to be
				  created and timing, to determine whether the offer to purchase process will
				  enhance the economic value to FMERA or Fort Monmouth. If a party has approached
				  the FMERA with an offer, in its determination to use the offer to purchase
				  process, the Board also may consider the proposed purchase price as compared to
				  a valuation of the real and/or personal property established by an appraisal
				  report prepared by a professional licensed appraiser.
(b) For any real property and accompanying
				  personal property to be sold through the offer to purchase process, FMERA shall
				  advertise a notice of the availability of the property for sale through the
				  offer to purchase process on the Authority's website, on the New Jersey State
				  business portal and shall place an advertisement for same in the "Public/Legal
				  Notice section of the Star Ledger, the Asbury Park Press and if FMERA deems it
				  appropriate, in possibly other regional newspaper(s) or publications.
(c) Each notice of availability for sale
				  through the offer to purchase process shall specify the period of time for
				  submitting an offer to purchase the particular property which period for
				  submitting offers to purchase shall not be less than 30 days.
(d) In addition, FMERA may contact potential
				  purchaser(s) directly to seek to increase the number of offers to purchase
				  received in response to an advertised solicitation.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.6 - Submission of sealed bids

Current through Register Vol. 56, No. 14, July 15, 2024
(a) All sealed
				  bids shall be submitted on or before the specified time and date required by
				  the public notice and contain all information requested by FMERA. Unless
				  otherwise specified in the notice, a sealed bid shall not be submitted by
				  telephone, facsimile, or other electronic means.
(b) All sealed bids shall include a
				  certified, cashiers or bank check made payable to the Authority in the amount
				  of 10 percent of the bid price, which shall be held by the Authority as a
				  deposit and applied to the purchase price at closing for the accepted bid, and
				  returned to all others.
(c) Deposit
				  checks shall be deposited by FMERA into an interest bearing account with
				  interest accruing to the benefit of the bidder. Deposits paid by unsuccessful
				  bidders, with accrued interest, shall be returned when FMERA issues its notice
				  of intent to award a purchase contract in accordance with
				  19:31C-2.1 7(e).
(d) Sealed bids received by FMERA shall be
				  held unopened until the close of the bidding period, at which time all bids
				  received shall be publicly opened and the identities of the bidders, but not
				  the substance of the bids, will be read.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.7 - Submission of offers to purchase

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The time for
				  submitting an offer to purchase shall remain open until the date specified in
				  the advertisement. Unless otherwise specified in the notice, an offer to
				  purchase shall not be submitted by telephone, facsimile, or other electronic
				  means.
(b) All offers to purchase
				  shall include a certified, cashiers or bank check made payable to the Authority
				  in the amount of five percent of the offer price, which shall be held as an
				  initial deposit. An additional deposit of 10 percent of the offer price shall
				  be payable to the Authority on the earlier of:
1. FMERA and the potential purchaser entering
				  into an exclusive negotiating period in accordance with
				  19:31C-2.1 6; or
2. A purchase agreement being fully
				  negotiated and signed by the purchaser. The initial deposit and the additional
				  deposit shall be applied to the purchase price at closing.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.8 - Extension of time to submit sealed bids

Current through Register Vol. 56, No. 14, July 15, 2024
The Director may extend the time for opening sealed bids
					 at the request of a potential purchaser who notifies FMERA that he or she
					 intends to submit a sealed bid and gives valid reasons why he or she will not
					 meet the formal opening date. The potential purchaser making this request shall
					 do so in writing and specify the length of additional time requested. The
					 written request must be received by FMERA no later than one week prior to the
					 close of the bid submission period. If granted, extensions of time for opening
					 of sealed bid(s) shall be applicable to all potential purchaser(s) and shall be
					 posted only on the Authority's website. All sealed bid(s) shall be held and
					 remain sealed until the expiration of the time extension granted by the
					 Director.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.9 - Sealed bid prices

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A sealed bid
				  shall include all material information required by the solicitation. Prices
				  shall be typewritten, photocopied, or written in ink or some other indelible
				  substance.
(b) Unless the
				  solicitation states otherwise, the prices submitted with a sealed bid shall
				  remain effective for 90 days after the opening date, subject to any
				  negotiations conducted in accordance with
				  19:31C-2.1 5(a).
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.10 - Withdrawal of sealed bid

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Prior to the
				  opening of the sealed bid(s), a potential purchaser may, for any reason,
				  request the withdrawal of his or her sealed bid. The request shall be made in
				  writing to FMERA and shall be signed by a person authorized to submit the
				  sealed bid (such as the owner or owner's designated representative, or an
				  attorney or real estate broker with written permission to negotiate and act as
				  attorney in fact for owner). Proof of authorization shall accompany the
				  request.
(b) After the opening of
				  the sealed bid(s), if either the potential purchaser(s) or FMERA discover a
				  material error in a sealed bid, the potential purchaser(s) may request the
				  withdrawal of the sealed bid. If the error is discovered by FMERA, the
				  potential purchaser(s) will be notified in writing, and the potential purchaser
				  will have five business days from receipt of the notice to request withdrawal
				  of the sealed bid. Any request to withdraw from the potential purchaser(s)
				  shall be addressed to FMERA which will return the sealed bid if the potential
				  purchaser(s) can demonstrate that he or she exercised reasonable care in
				  preparing and submitting the sealed bid, and that it would be unconscionable
				  for FMERA to enforce the proposed purchase agreement. The decision to grant or
				  deny any such request shall be at the sole discretion of the Director.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.11 - Correction of pricing error

Current through Register Vol. 56, No. 14, July 15, 2024
FMERA shall correct a pricing error in a sealed bid under
					 the following circumstance: Unless the solicitation states otherwise, or the
					 result would be unconscionable, where a sealed bid price contains a discrepancy
					 between a unit price and a total price based on those units, the unit price
					 shall govern. Where the sealed bid price contains any other price discrepancy,
					 FMERA shall determine the price if the sealed bid contains clear evidence of
					 the intended price.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.12 - Verification of sealed bid or offer to purchase

Current through Register Vol. 56, No. 14, July 15, 2024
FMERA may seek information outside of the sealed bid or
					 offer to purchase to verify the accuracy and responsiveness of the sealed bid
					 or offer to purchase, and whether the potential purchaser(s) is responsible.
					 FMERA may request such information from the potential purchaser(s), from public
					 records, or from others familiar with the potential purchaser(s). Such
					 information may clarify, but not modify, a sealed bid or offer to purchase.
					 Such investigation may include, but shall not be limited to, contacting the
					 potential purchaser surety companies, financial institutions, and review of
					 corporate or personal financial records, reports and statements.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.13 - Rejection of all sealed bids or offers to purchase, re-advertisement and termination

Current through Register Vol. 56, No. 14, July 15, 2024
The Authority reserves the right to reject all sealed
					 bid(s) and offer(s) to purchase and to either re-advertise or terminate an
					 advertised solicitation if the Authority determines that insufficient
					 competition results from the initial advertisement, the price is unfavorable in
					 the current market, or for any other reason in the best interests of the
					 Authority or the redevelopment plans for Fort Monmouth as determined by the
					 Authority.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.14 - Evaluation

Current through Register Vol. 56, No. 14, July 15, 2024
(a) FMERA shall
				  evaluate each sealed bid and offer to purchase received in accordance with this
				  subchapter and shall identify the sealed bid(s) or offer(s) to purchase
				  determined to be responsive to all material elements set forth in the
				  solicitation or notice of availability, respectively, which may include, but
				  not be limited to:
1. The purchase
				  price;
2. The estimated jobs to be
				  created at or relocated to the parcel;
3. The purchase term including due diligence
				  period as well as payment for such period;
4. The proposed project capital
				  investment;
5. The potential
				  purchaser's financial capacity to meet the proposed terms of purchase and
				  project completion;
6. The future
				  use of the property;
7. The impact
				  to the host municipality; and
8.
				  Confirmation that the potential purchaser's proposed use is consistent with the
				  Plan.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.15 - Negotiations

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When the
				  sealed bid process is used to sell property, FMERA may negotiate with one or
				  more bidders that has submitted advantageous sealed bid(s) terms that are in
				  the best interests of the Authority and the redevelopment plans for Fort
				  Monmouth, price and other factors considered, in accordance with the evaluation
				  criteria in
				  19:31C-2.1 4. FMERA reserves the
				  right to negotiate with some but not all potential purchasers who submitted a
				  sealed bid based on initial submissions.
(b) When the offer to purchase process is
				  used to sell property, from time to time as offers are received, FMERA may
				  negotiate terms of sale that are in the best interests of the Authority and the
				  redevelopment plans for Fort Monmouth, price and other factors considered, in
				  accordance with the evaluation criteria in
				  19:31C-2.1 4. Negotiating with a
				  potential purchaser will not preclude FMERA from negotiating with other
				  potential purchasers unless FMERA has entered into an exclusive negotiating
				  period with a potential purchaser in accordance with
				  19:31C-2.1 6.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.16 - Exclusive negotiating period

Current through Register Vol. 56, No. 14, July 15, 2024
(a) When the
				  offer to purchase process is used to sell property and upon the request of a
				  party who has made an offer to purchase a particular parcel of real property
				  and accompanying personal property, FMERA may agree that it will not negotiate
				  with any other party for that particular property provided that the following
				  conditions are met:
1. The time for
				  submitting offers to purchase that particular property has expired;
2. FMERA determines there is a reasonable
				  likelihood that the exclusive negotiating period will lead to an offer to
				  purchase that will be acceptable to the Authority;
3. Subject to extensions pursuant to (b) and
				  (c) below, an exclusive negotiating period shall not exceed 45 days;
4. The prospective purchaser makes an
				  addition deposit of 10 percent of the purchase price; and
5. The prospective purchaser agrees in
				  writing to negotiate exclusively with FMERA during the exclusive negotiating
				  period and terminate negotiations and discussions with other parties who seek
				  to sell or lease competing real property.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.17 - Recommendation, review and award

Current through Register Vol. 56, No. 14, July 15, 2024
(a) The Director
				  and FMERA shall recommend to the Board bids and offers to purchase, which may
				  have been modified through negotiations, that will provide purchase agreements
				  which are in the best interests of the Authority and the redevelopment plans
				  for Fort Monmouth considering price and other factors. Any recommendation to
				  accept a bid or offer to purchase shall also identify competing bids or offers
				  to purchase that will be rejected by awarding a purchase agreement to the
				  selected purchaser.
(b) For sales
				  conducted through the sealed bid process, the Director and FMERA may recommend
				  to the Board that all bids should be rejected and no notice of intent to award
				  a purchase agreement be made and that the real property and accompanying
				  personal property be re-advertised for bids or any other appropriate
				  action.
(c) For sales conducted
				  through the offer to purchase process, the Director and FMERA may recommend to
				  the Board that negotiations regarding a particular offer to purchase should
				  terminate and the potential purchaser's deposit, with accrued interest, be
				  returned.
(d) The Board shall
				  determine whether to issue a notice of intent to award a purchase agreement and
				  reject competing bids and offers to purchase; to reject all bids; to terminate
				  negotiations regarding a particular offer to purchase; to issue a new notice of
				  availability of property for sale; or to take other appropriate
				  action.
(e) Upon approval by the
				  Board of an award of a purchase contract, FMERA shall issue a notice of intent
				  to award a purchase agreement and send it to all bidders or parties who
				  submitted an offer to purchase. The notice of intent to award a purchase
				  agreement shall set forth all of the material terms of the purchase agreement.
				  FMERA shall finalize the purchase agreement which shall be executed by the
				  Director.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.18 - Challenges

Current through Register Vol. 56, No. 14, July 15, 2024
(a) After the
				  date of the notice of intent to award a particular purchase agreement,
				  unsuccessful bidders or parties who submitted an offer to purchase for the
				  particular property, as applicable, will have 10 business days from the date of
				  the notice to review:
1. The sealed bids or
				  offers to purchase submitted by other potential purchasers;
2. FMERA's comparative summary of sealed bids
				  or offers to purchase received;
3.
				  The records of the negotiations, if any; and
4. Any supporting documents to (a)1, 2 and 3
				  above.
New Jersey Administrative Code › Title 19 - OTHER AGENCIES › FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Chapter 31C - FORT MONMOUTH ECONOMIC REVITALIZATION AUTHORITY › Subchapter 2 - SALE OF REAL AND PERSONAL PROPERTY › Section 19:31C-2.19 - Documents considered public information

Current through Register Vol. 56, No. 14, July 15, 2024
(a) For sales
				  conducted through the sealed bid process, after FMERA's issuance of notice of
				  intent to award a purchase agreement, sealed bids and other documents submitted
				  by potential purchasers (excluding those items exempt from public access
				  pursuant to
				  47:1A-1 et seq.) shall be
				  considered public information, notwithstanding any disclaimers submitted by the
				  potential purchaser(s) to the contrary.
(b) For sales conducted through the offer to
				  purchase process, after a purchase agreement has been signed by the Authority
				  and a purchaser, documents submitted by potential purchasers (excluding those
				  items exempt from public access pursuant to
				  47:1A-1 et seq.) shall be
				  considered public information, notwithstanding any disclaimers submitted by the
				  potential purchaser(s) to the contrary.