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.Art Gallagher | Filed under: Fort Monmouth, Lillian Burry, Monmouth County Board of Freeholders, Monmouth County News | Tags: FMERA, Fort Monmouth, Fort Monmouth Revitalization Authority, Freeholder Deputy Director Serena DiMaso, Freeholder Director Tom Arnone, Freeholder John Curley, Freeholder Lillian Burry, Monmouth County Board of Chosen Freeholders, Monmouth County News, Oceanport Mayor John Coffey | Comments Off on Freeholders approve $35 million in bonds for Fort Monmouth acquisition