{"id":12985,"date":"2016-05-20T21:11:27","date_gmt":"2016-05-20T21:11:27","guid":{"rendered":"https:\/\/one.sightlinemg.com\/armytimes\/uncategorized\/2016\/05\/20\/army-will-sell-fort-monmouth-main-post-for-33m\/"},"modified":"2026-08-08T01:18:29","modified_gmt":"2026-08-08T01:18:29","slug":"army-will-sell-fort-monmouth-main-post-for-33m","status":"publish","type":"post","link":"https:\/\/one.sightlinemg.com\/armytimes\/news\/your-army\/2016\/05\/20\/army-will-sell-fort-monmouth-main-post-for-33m\/","title":{"rendered":"Army will sell Fort Monmouth Main Post for $33M"},"content":{"rendered":"\n\n\n<p class=\"wp-block-paragraph\">OCEANPORT, N.J.\u00a0\u2014\u00a0The state authority redeveloping Fort Monmouth will pay the U.S. Army $33 million for the remaining parcels on the Main Post, under an agreement still pending final approval, according to officials.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">No date has yet been set for the two parties to complete the deal.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The transfer of the\u00a0Main Post parcels from the Army\u00a0was once\u00a0targeted for Dec. 31, 2015. It was\u00a0then pushed to June 30. Now, officials\u00a0with the\u00a0<a href=\"http:\/\/www.fortmonmouthnj.com\/\">Fort Monmouth Economic\u00a0Revitalization Authority<\/a>\u00a0are\u00a0considering\u00a0the end of summer or early fall.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">They blame\u00a0financial loose ends and environmental remediation issues\u00a0as\u00a0the main\u00a0hold ups.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;There&#8217;s no doubt in my mind now we&#8217;re going to get there. It&#8217;s either going to be August, September or October,&#8221; said Bruce Steadman,\u00a0the authority&#8217;s executive director.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Steadman said the biggest hurdle has been\u00a0getting an\u00a0executable Memorandum of Agreement between the authority\u00a0and the Army. He said both parties approved an\u00a0agreement in late April\u00a0that had been in works for some time.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">According to the agreement, the authority\u00a0will buy the land for $33\u00a0million, a\u00a0purchase price negotiated in 2014. The board is looking to borrow the money from\u00a0the Monmouth County Improvement Authority, something it wants to\u00a0nail down\u00a0before Labor Day.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#8220;We are looking to get all the necessary\u00a0approvals in place by August,&#8221; said\u00a0David Nuse, the authority&#8217;s\u00a0deputy executive director.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">It anticipates paying down approximately $10 million of that debt within a year of the transfer through the sale of three parcels of land on the Main Post.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The agreement also calls for the Army to retain all statutory environmental responsibilities on the Main Post.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Fort Monmouth is divided into two sections: the Main Post, acquired in 1917, and the Charles Wood section, added in 1941. The Army shuttered the fort in 2011.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The fort&#8217;s redevelopment plan, designed in 2008, called for two phases: Phase I, including Charles Wood and three parcels on the Main Post; and Phase II, encompassing the remainder of the Main Post.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Phase, I\u00a0the U.S. Army sold the Charles Wood section and three parcels on the Main Post to the redevelopment authority for $1.\u00a0Under this agreement, however, the Army\u00a0receives 60\u00a0percent of the sale price of each parcel sold.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In Phase II, the U.S. Army would sell FMERA\u00a0the property outright.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>Dan Radel: 732-643-4072; dradel@gannettnj.com<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The state authority redeveloping Fort Monmouth will pay the U.S. Army $33 million for the remaining parcels on the Main Post, under an agreement still pending final approval, according to 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