New Jersey officials last week said the U.S. Army is set to leave Fort Monmouth on Sept. 15 as planned, disputing a report that the military would remain on the 1,100-acre site for another year.
The New Jersey Economic Development Authority and the Fort Monmouth Economic Revitalization Authority are working on transforming the Army base into a mixed-use community with housing, commercial development, parks, community centers, wetlands, hotels and restaurants, and other developments.
Fort Monmouth encompasses the boroughs of Tinton Falls, Eatontown, and Oceanport.
The initiative requires numerous infrastructure projects, including water and sewer improvements, electrical upgrades, road and sidewalk construction, and mass-transit developments.
The EDA anticipates it will release an analysis of the site’s infrastructure needs, approximate costs and financing alternatives within 30 to 60 days, said agency spokeswoman Laura Jones.
The state last year passed legislation that enables the EDA to issue bonds secured by franchise assessments generated from the site. Officials may also implement development fees for transportation projects and the three boroughs could impose special assessments in their communities.
Last week, the Asbury Park Press reported that federal officials were considering postponing the Army’s move-out date, which the EDA contests.
“FMERA has had continuous and explicit dialogue with the Department of Army and Office of Economic Adjustment representatives and it has been made clear that under no foreseeable circumstances would Fort Monmouth stay open beyond Sept. 15, 2011,” the EDA said in a statement.
“FMERA continues to work closely with the Army to develop a cooperative and effective transition plan, focusing on the Army’s environmental responsibilities and the other important issues associated with FMERA eventually taking title to the property,” according to the statement.
