New Jersey lawmakers are working on an initiative that would create a new bonding agency, the Monmouth Economic Revitalization Authority, to help transform an inactive Army base into a mixed-use development.
A similar initiative died in committee at the end of the last session. The Assembly Commerce and Economic Development Committee last week moved the measure, A. 597. That bill and its Senate version, S. 917, will now go before appropriations committees in both chambers.
If approved, the new authority would work with the New Jersey Economic Development Authority to develop special improvement districts that would implement special property assessments on non-residential real estate “to cover the costs of the authority, including those of any development, construction, and acquisition in the district; and any related cost incurred by local governments” according to a fiscal analysis of the bill.
The agency could also form transportation planning districts and levy fees in those areas to help fund costs. Any infrastructure districts that the authority creates could include a franchise assessment of up to 3.5% against certain retail sales.
The 1,200-acre fort includes parts of Tinton Falls, Eatontown, and Oceanport in Monmouth County. The Army plans to leave the base next year.
