LEGISLATIVE FISCAL ESTIMATE
SENATE, No. 4737
STATE OF NEW JERSEY
221st LEGISLATURE
DATED: DECEMBER 4, 2025
SUMMARY
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Synopsis: |
Authorizes State Treasurer to sell as surplus certain real property and improvements in Borough of Lodi in Bergen County. |
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Type of Impact: |
One-time State revenue increase; annual State expenditure increase; one-time expenditure increase for Bergen County; annual revenue increase for Bergen County. |
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Agencies Affected: |
Department of the Treasury; Bergen County. |
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Office of Legislative Services Estimate |
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Fiscal Impact |
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One-Time State Revenue Increase |
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$4,1000,000 |
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Annual State Expenditure Increase |
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Indeterminate |
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Annual Revenue Increase for Bergen County |
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Indeterminate |
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One-Time Expenditure Increase for Bergen County |
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$4,1000,000 |
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· The Office of Legislative Services (OLS) concludes that this bill will result in a one-time revenue increase to the State-Owned Real Property Fund of $4.1 million for the sale of the surplus property to Bergen County. Bergen County will experience a concurrent one-time expenditure increase of $4.1 million.
· The OLS also concludes that this bill will result in an annual indeterminate expenditure increase to the State due to the State leasing part of the property back from Bergen County following the sale. Bergen County will experience a concurrent annual indeterminate revenue increase from the leased property.
BILL DESCRIPTION
This bill authorizes the Department of the Treasury to sell as surplus property certain State-owned land and improvements within the Lodi Armory in the Borough of Lodi, Bergen County, to the county pursuant to the terms and conditions approved by the State House Commission.
As a condition of the sale, the county is required to lease back to the State approximately 6,000 square feet and up to 45 parking spaces from the building located on the property.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
The OLS determines that this bill will result in a one-time revenue increase to the State-Owned Real Property Fund of $4.1 million for the sale of the surplus property to Bergen County. Bergen County will experience a concurrent one-time expenditure increase of $4.1 million.
The State House Commission will set the terms of the sale, appraising and negotiating the property to be sold at a price of $4.1 million as a direct sale to Bergen County. Under current law, any revenues generated from State property sales are to be deposited into the State-Owned Real Property Fund unless otherwise stated in the bill.
The OLS also concludes that this bill will result in an annual indeterminate expenditure increase to the State due to the State leasing part of the property back from Bergen County following the sale. Bergen County will experience a concurrent annual indeterminate revenue increase.
F
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Section: |
State Government |
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Analyst: |
Associate Fiscal Analyst |
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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.).