OCEANPORT:The Fort Monmouth Economic Revitalization Authority (FMERA) and a developer are still negotiating the purchase of piece of fort property located in the borough.
The FMERA Board unanimously voted at its Aug. 20 meeting to extend the exclusive negotiating period between itself and Kiely Realty Group, LLC by an additional 30 days.
Kiely is looking to purchase Russel Hall, a 42,300 square foot, historic building is located on Sanger Avenue and was built in 1936 to serve as the Army's Garrison Headquarters.
The board had extended the negotiations period by 60 days during its June 18 meeting, but more time is now needed to complete the sale.
"FMERA staff and Kiely have made significant progress toward the negotiation of a mutually acceptable Purchase and Sale Agreement for Russel Hall and staff believes there is a likelihood that further negotiation will result in an agreement over business terms," the resolution passed by FMERA states.
Kiely is proposing a commercial office use for Russel Hall instead of an institutional office use, so an amendment to the Fort Monmouth Reuse Plan will need to be passed by the FMERA board to complete the sale of the property.
Russel Hall is located in the Phase 2 area of the fort's Main Post, and FMERA is not able to enter into purchase and sale agreements for any land in that area because a Phase 2 Economic Development Agreement has not yet been agreed to between FMERA and the Army. The Phase 2 area of Fort Monmouth is comprised of the main post, between Route 35 and Oceanport Avenue, and the fort properties east of Oceanport Avenue.