Gov. Chris Christie last week signed into law a bill to create the Fort Monmouth Economic Revitalization Authority, which will transform an 1,100-acre Army base in northeastern New Jersey for civilian use.
The authority will help oversee the transfer of the site and enter into working agreements with the New Jersey Economic Development Authority. The Army will leave the fort on Sept. 15, 2011.
The Fort Monmouth agency does not have bonding authority and any debt issuance will be done through the EDA. The legislation allows for special improvement, transportation planning, and infrastructure districts. Officials are able to implement fees in those districts to help pay for needed capital improvements.
The fort requires water and sewer system renovations, electrical upgrades, road and sidewalk construction, public transit and other improvements.
"With the closure of Fort Monmouth very near on the horizon, it is vital that state and local leaders are prepared with a comprehensive, long-term plan to ensure that economic continuity, stability and growth are maintained for the regions affected by the closure," Christie said.
A predecessor agency, the Fort Monmouth Economic Revitalization Planning Authority, crafted a master plan that includes residential development, office and retail space, hotels, and community centers. The plan includes open space for parks and recreation and wetlands preservation. Officials will take another look at the plan as it was released in August 2008, prior to the economic downturn.
The new authority will now work on a business plan that will quantify infrastructure needs, property values, and the economic impact on the affected municipalities and the state.
