LEGISLATIVE FISCAL ESTIMATE
SENATE, No. 3247
STATE OF NEW JERSEY
218th LEGISLATURE
DATED: DECEMBER 17, 2018
SUMMARY
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Synopsis: |
Authorizes State Treasurer to convey surplus real property known as Learning Center in City of Vineland, County of Cumberland. |
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Type of Impact: |
Increase in State revenue |
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Agencies Affected: |
Division of Property Management and Construction, Department of the Treasury. |
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Office of Legislative Services Estimate |
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Fiscal Impact |
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Year 1 |
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State Revenue |
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At least $1.6 million |
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· The bill provides that the specified State surplus real property be conveyed to the highest bidder of an Internet auction with a minimum bid of $1,600,000, the appraised liquidation value.
· The bill authorizes the State Treasurer to sell and convey all of the State’s right, title, and interest in and to the land and improvements thereon known as the Learning Center on the grounds of the former West Campus of the Vineland Development Center. The property will be sold in accordance with the terms and conditions as may be approved by the State House Commission pursuant to section 4 of P.L.1997, c.135 (C.52:31-1.3a).
BILL DESCRIPTION
This bill authorizes the State Treasurer to sell and convey all of the State’s right, title, and interest in and to the land and improvements thereon known as the Learning Center on the grounds of the former West Campus of the Vineland Development Center, that consists of 7.428± acres of land and improvements located at 860 North Orchard Road, designated as Block 2101, Part of Lot 53 in the City of Vineland, County of Cumberland, which has been declared surplus to the needs of the State. The property will be conveyed to the highest bidder of an Internet auction with a minimum bid of $1,600,000, the appraised liquidation value. The property will be sold in accordance with the terms and conditions as may be approved by the State House Commission.
FISCAL ANALYSIS
EXECUTIVE BRANCH
None received.
OFFICE OF LEGISLATIVE SERVICES
Revenue from the sale of surplus property in City of Vineland, Cumberland County and the Learning Center on the grounds of the former West Campus of the Vineland Developmental Center is estimated to be at least $1.6 million. The bill requires the property to be conveyed to the highest bidder of an Internet auction with a minimum bid of $1.6 million, the appraised liquidation value. Revenues may be higher depending on the highest winning bid for the property. Under current law, the monies from the sale shall be deposited into the special, non-lapsing fund established in the Department of the Treasury for the proceeds of the sale of any surplus State-owned real property pursuant to section 1 of P.L.2007, c.108 (C.52:31-1.3b). The monies deposited into the special, non-lapsing fund are required to be used for the relief of State debt or to assist in funding capital improvement projects undertaken by the State. The property will be sold in accordance with the terms and conditions as may be approved by the State House Commission pursuant to section 4 of P.L.1997, c.135 (C.52:31-1.3a).
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Section: |
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Analyst: |
Senior Fiscal Analyst |
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Approved: |
Frank W. Haines III Legislative Budget and Finance Officer |
This fiscal estimate has been prepared pursuant to P.L.1980, c.67 (C.52:13B-6 et seq.).