This bill authorizes the State Treasurer, on behalf of the New Jersey Motor Vehicle Commission (MVC), to sell a 0.69-acre parcel of land located at 101 Ridgedale Avenue in the Town of Morristown, Morris County, which has been declared surplus to the needs of the State. The sale will be executed in accordance with terms and conditions approved by the State House Commission. The property, previously used as an inspection center for specialized vehicles, is being sold for $850,000, with the proceeds designated for the relief of State debt or to assist in funding capital improvement projects.

The bill stipulates that the sale and conveyance of the property will be conducted under the oversight of the State House Commission, ensuring that the transaction adheres to established guidelines. The MVC had closed the facilities on the property due to damage from a hurricane, leading to the decision to sell the land as surplus. The act is set to take effect immediately upon passage.