LEGISLATIVE FISCAL ESTIMATE

ASSEMBLY, No. 4178

STATE OF NEW JERSEY

221st LEGISLATURE

 

DATED: MAY 16, 2025

 

 

SUMMARY

 

Synopsis:

Authorizes State Treasurer to grant temporary deed of easement in Borough of Sea Girt in Monmouth County.

Type of Impact:

One-time State revenue increase.

Agencies Affected:

Department of the Treasury.

 

 

Office of Legislative Services Estimate

Fiscal Impact

 

 

One-Time State Revenue Increase

$1,120,230

 

 

 

 

·       The Office of Legislative Services (OLS) concludes that this bill will result in a one-time revenue increase to the State Debt Defeasance and Prevention Fund of $1,120,230 for the deed of easement granted to Confluence Networks LLC for a term of 30 years for the use of existing underground telecommunications infrastructure for the installation of a new submarine cable system.

BILL DESCRIPTION

 

      This bill authorizes the Department of the Treasury to grant a deed of easement for certain real property owned by the State within the Sea Girt National Training Center in the Borough of Sea Girt in Monmouth County.

      The deed of easement grants Confluence Networks LLC the use of existing underground telecommunications infrastructure for the installation of a new submarine cable system.  The deed of easement is for a term of 30 years for a one-time fee of $1,120,230 paid by the company to the State pursuant to the terms and conditions approved by the State House Commission.

 

 

FISCAL ANALYSIS

 

EXECUTIVE BRANCH

 

      None received.

OFFICE OF LEGISLATIVE SERVICES

 

      The OLS concludes that this bill will result in a one-time revenue increase to the State Debt Defeasance and Prevention Fund of $1,120,230 for the deed of easement granted to Confluence Networks LLC for a term of 30 years for the use of existing underground telecommunications infrastructure for the installation of a new submarine cable system.

      Under current law, any revenues generated from State property sales or leases are to be deposited into the Debt Defeasance and Prevention Fund unless otherwise stated in the bill

 

 

Section:

State Government

Analyst:

Camryn Mathews

Assistant Fiscal Analyst

Approved:

Thomas Koenig

Legislative Budget and Finance Officer

 

 

This legislative fiscal estimate has been produced by the Office of Legislative Services due to the failure of the Executive Branch to respond to our request for a fiscal note.

 

This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).