ASSEMBLY BUDGET COMMITTEE

STATEMENT TO

[First Reprint]

ASSEMBLY, No. 4035

with committee amendments

STATE OF NEW JERSEY

DATED:  JUNE 26, 2024

      The Assembly Budget Committee reports favorably and with committee amendments Assembly Bill No. 4035 (1R).

      This bill provides for the sale, as surplus real property, of all of the State’s interest in the property known as the Central Park School, which contains 10.01± acres of land and improvements located at 5 Jean Street, designated as Block 901, Lot 2 on the tax map of Morris Township, Morris County.

      As amended, the Department of the Treasury will be authorized under the bill to sell the Central Park School in accordance with the terms and conditions approved by the State House Commission.

      The property will be sold and conveyed to the Morris County Educational Services Commission for the sum of one dollar.

COMMITTEE AMENDMENTS:

      These committee amendments make the bill identical to S2809 (1R).

      The amendments change the reference to the property being authorized to be sold from the Morris Regional Day School to the Central Park School.

      The amendments also remove specific conditions and timelines for the sale, and instead provide for the sale under terms and conditions approved by the State House Commission.

FISCAL IMPACT:

      The Office of Legislative Services concludes that this bill will result in a one-time State revenue increase of one dollar for the sale of the surplus property to the Morris County Educational Services Commission.  Morris County will experience a concurrent one-time expenditure increase of one dollar.