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 legislation stipulates that the MVC's right, title, and interest in the property will be conveyed to the Town of Morristown. The bill is set to take effect immediately upon passage.