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. The property, which has been declared surplus to the needs of the State, includes all improvements on the land. The sale will be executed in accordance with terms and conditions approved by the State House Commission, and the property is set to be sold for $850,000 as a direct sale to the Town of Morristown.

The proceeds from this sale will be deposited into a fund established by law, which mandates that the funds be used for the relief of State debt or to assist in funding capital improvement projects. The MVC previously used the property as an inspection center for specialized vehicles, but the facilities were closed due to damage from a hurricane.