Bill Summary – FastDemocracy

LEGISLATIVE FISCAL ESTIMATE
                               ASSEMBLY, No. 4707
                             STATE OF NEW JERSEY
                               221st LEGISLATURE
                                           DATED: AUGUST 23, 2024
                                                  SUMMARY
    Synopsis:                   Authorizes State Treasurer to sell as surplus certain real property and
                                improvements in City of Camden in Camden County.
    Type of Impact:             One-time State revenue increase; one-time expenditure increase for
                                Economic Development Authority and City of Camden.
    Agencies Affected:          Department of the Treasury; Economic Development Authority; City
                                of Camden.
                                       Office of Legislative Services Estimate
    Fiscal Impact
    One-Time State Revenue Increase                        Up to $5,000,001
    One-Time Expenditure Increase for
    Economic Development Authority                         Up to $5,000,000
    One-Time Expenditure Increase for
    City of Camden                                               $1.00
    The Office of Legislative Services (OLS) concludes that this bill will result in a one-time
     revenue increase to the State’s Debt Defeasance and Prevention Fund of up to $5,000,001 for
     the sale of the surplus property to the Economic Development Authority and the City of
     Camden.
    The Economic Development Authority will experience a concurrent one-time expenditure
     increase of up to $5,000,000.
    The City of Camden will experience a concurrent one-time expenditure increase of one dollar.
                                            BILL DESCRIPTION
    This bill authorizes the State Treasurer to sell and convey all of the State’s interest within the
former Riverfront State Prison in the City of Camden, Camden County, a 16± acre parcel of land
and all improvements. The property has been declared to be surplus to the needs of the State. A
portion of the land referred to as the NJEDA Site will be sold and conveyed to the New Jersey
      Office of Legislative Services                                     Legislative Budget and Finance Office
           State House Annex                                                     Phone (609) 847-3105
              P.O. Box 068                                                        Fax (609) 777-2442
      Trenton, New Jersey 08625                                                   www.njleg.state.nj.us
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Economic Development Authority and a portion of the land referred to as the City Site will be sold
and conveyed to the City of Camden.
    The NJEDA Site will be sold and conveyed to the Economic Development Authority by the
State Treasurer for the lesser of $5,000,000 or the appraised value at the time of the sale. The City
Site will be sold and conveyed to the City of Camden by the State Treasurer for one dollar, on the
condition that the city sell and convey the city’s right, title, and interest in and to the Southwest
Site to the authority.
    The bill requires the Economic Development Authority, in consultation with the City of
Camden and the Department of the Treasury, to determine the boundaries of the NJEDA Site and
the City Site. The conveyance of real property by the State Treasurer to the authority and the city
will not require the approval of the State House Commission or any further approval of the
Legislature.
    The Economic Development Authority can thereafter sell the NJEDA Site and the Southwest
Site in accordance with terms and conditions set by the authority.
    Finally, this bill repeals P.L.2013, c.22, which authorized the sale of the site of the former
Riverfront State Prison in the City of Camden as State surplus property to the Economic
Development Authority for public auction to a prequalified developer. The sale authorized by
P.L.2013, c.22 never occurred, as the authority has been unable to sell the property following the
process set forth at that meeting, and therefore never received the title for the property from the
State.
                                           FISCAL ANALYSIS
EXECUTIVE BRANCH
   None received.
OFFICE OF LEGISLATIVE SERVICES
    The OLS concludes that this bill will result in a one-time revenue increase to the State’s Debt
Defeasance and Prevention Fund of up to $5,000,001 for the sale of the surplus property to the
Economic Development Authority and the City of Camden. The Economic Development
Authority will experience a concurrent one-time expenditure increase of up to $5,000,000 and the
City of Camden will experience a concurrent one-time expenditure increase of one dollar.
    Under the bill, the State Treasurer is authorized to sell and convey all of the State’s interest
within the former Riverfront State Prison in the City of Camden, a 16± acre parcel of land and all
improvements. The NJEDA Site as defined in the bill is authorized to be sold to the Economic
Development Authority for the lesser of $5,000,000 or the appraised value at the time of the sale.
The City Site as defined in the bill is authorized to be sold to the City of Camden for one dollar.
    Under current law, any revenue generated from State property sales are to be deposited into
the Debt Defeasance and Prevention Fund unless otherwise stated in the bill.
  Section:      State Government
  Analyst:      Camryn Mathews
                Assistant Fiscal Analyst
  Approved:     Thomas Koenig
                Legislative Budget and Finance Officer
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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.).