N.J. Admin. Code § 19:31C-2.17

Current through Register Vol. 56, No. 19, October 7, 2024

Section 19:31C-2.17 - Recommendation, review and award

(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.

N.J. Admin. Code § 19:31C-2.17