The Arnone Report: Fort Monmouth Progress, Monmouth Park needs help

By Freeholder Director Tom Arnone

Hello Monmouth County! What an incredible few weeks it has been here throughout our beautiful county. The weather has been near perfect, providing great opportunities to visit all the wonderful places and activities we have to offer.

I have some very exciting news to share about the Former Fort Monmouth property. The Monmouth County Board of Chosen Freeholders provided final approval last week to guarantee $35 million in notes and bonds through the Monmouth County Improvement Authority (MCIA). The funding will be used to revitalize the property which has been closed since 2011 and the potential impact of this redevelopment on our residents is enormous. It was the right thing to do for the region.

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Freeholders approve $35 million in bonds for Fort Monmouth acquisition

Freeholder John Curley, Deputy Freeholder Director Serena DiMaso, Freeholder Lillian Burry and Freeholder Director Tom Arnone

The Monmouth County Board of Chosen Freeholders agreed to back up the acquisition of the 560 acres at Fort Monmouth that is not already controlled by the Fort Monmouth Economic Revitalization Authority (FMERA) with a $35 million bond guarantee.  The Freeholders voted 4-1, with John Curley opposing the guarantee, at their meeting last night which was held in Ocean Township.

The Freeholders’ action enables the Monmouth County Improvement Authority to guarantee bonds issued by FMERA.  With the AAA bond rating of MCIA, the bonds will have the lowest interest rate available in the market.  FMERA will use the proceeds to purchase the land, valued at $90 million, from the Department of the Army for roughly $35 million.  The bonds will be secured by the land.

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Curley: Control of Fort Monmouth should transfer to County, Towns along with the deed

By Monmouth County Freeholder John P. Curley

Freeholder John P. Curley

In 2010, Governor Chris Christie signed into law the Fort Monmouth Revitalization Authority Act therefore, evolving into the Fort Monmouth Revitalization Authority, FMERA. As stated in their annual report, FMERA is to “provide investment continuity and economic growth to the communities impacted by the federal government’s decision to close Fort Monmouth”. The original plan addressed the 1126 acres in Eatontown, Oceanport, and Tinton Falls.

The Monmouth County Improvement Authority will be sanctioned by the Monmouth County Board of Chosen Freeholders to bond 33 million dollars for the Phase II redevelopment effort at Fort Monmouth. This bonding will provide for a direct purchase (transfer) of the remaining 560 acres in the Borough of Oceanport and the Borough of Eatontown, from the Department of the Army to a state created entity, the Fort Monmouth Economic Revitalization Authority, FMERA.

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