SENATE BUDGET AND APPROPRIATIONS COMMITTEE

STATEMENT TO

SENATE, No. 4737

STATE OF NEW JERSEY

DATED:  DECEMBER 8, 2025

      The Senate Budget and Appropriations Committee reports favorably Senate Bill No. 4737.

      As reported, the bill authorizes the State Treasurer, on behalf of the Department of Military and Veterans Affairs, or any of its successor departments or agencies, to sell and convey to the County of Bergen all of the State’s rights, title, and interest within the Lodi Armory in the Borough of Lodi, Bergen County a 4.01± acres parcel of land and all improvements.  The property has been declared to be surplus to the needs of the State.

The State House Commission will set the terms and conditions of sale.  The property has been appraised and negotiated to be sold at a price of $4,100,000 as a direct sale to the County of Bergen.

      As a condition of the sale, the county is required to lease back to the State approximately 6,000 square feet and a number of parking spaces, not to exceed 45, from the building within the property which will be known as the “Motor Vehicle Storage Building.”

FISCAL IMPACT:

      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.