LOCATION & TIME CHANGE
Due to the inclement weather, and the possible closure of the Maple Place School, the Fort Monmouth Economic Revitalization Authority’s (FMERA) Informational Meeting will be held on January 26, 2011 at the FMERA Office, 2-12 Corbett Way, Eatontown.  The meeting will begin at 5:30 pm.  The location and time change of tonight’s meeting is being done to make sure the public remains informed on the progress of the effort to redevelop Fort Monmouth.


Original meeting notice, agenda and status report are below:

The Fort Monmouth Economic Revitalization Authority’s (FMERA) Wednesday, January 19, 2011 Informational Meeting is postponed until Wednesday, January 26, 2011.  The January 26, 2011 Informational Meeting will begin at 7:00 pm and will be held at the Maple Place School, 2 Maple Place, Oceanport.  We apologize for any inconvenience this may cause.


FMERA Staff will provide a status report at the Informational Meeting which will include an update on the progress of the effort. There will also be an opportunity for public comment at the Meeting. In addition, the status report will be available on the websites of FMERA and the New Jersey Economic Development Authority 48 hours prior to the Informational Meeting.


January 24, 2011 Update
The agenda for the January 26 Informational Meeting is available here.  The status report is available here.






 


The Fort Monmouth Economic Revitalization Authority (FMERA) Board will not meet on Wednesday, January 19, 2011 [rescheduled – please see the updated notice] as there is no formal action to be taken.  However, in place of a Board Meeting on January 19, 2011 FMERA Staff will be available at 7:00 pm at The Maple Place School, 2 Maple Place, Oceanport for an Informational Meeting.


It is a top priority of the FMERA Board and Staff to keep the public informed and engaged on the effort to redevelop Fort Monmouth. FMERA Staff will provide a status report at the Informational Meeting which will include an update on the progress of the effort.  There will also be an opportunity for public comment at the Meeting.  In addition, the status report will be available on the websites of FMERA www.nj.gov/fmera and the New Jersey Economic Development Authority www.njeda.gov 48 hours prior to the Informational Meeting.

 

January 18, 2011 Update
The January 19, 2011 FMERA Informational Meeting has been rescheduled.  Please see the updated meeting notice here.

There will be a Special EDA Board Meeting on Tuesday, December 21, 2010 at 10 am at EDA Offices, 36 West State Street, Trenton, NJ. 






 

A meeting of the Fort Monmouth Economic Revitalization Authority (FMERA) has been scheduled for Wednesday, December 15, 2010 at 7:00 pm at the Eatontown Municipal Building, 47 Broad Street, Eatontown, New Jersey 07724. Formal action may be taken at this meeting on an agenda which may include the FMERA 2011 Calendar of Meetings. A copy of the proposed agenda can be found 48 hours prior to the meeting at the websites of the Fort Monmouth Economic Revitalization Authority: www.nj.gov/fmera, and the New Jersey Economic Development Authority: www.njeda.gov.



 

December 16, 2010 Update

The full Board Meeting agenda from the December 15th meeting is available here and through FMERA’s website at www.nj.gov/fmera. 


Please note that actions taken at FMERA Board meetings are not effective until the Governor’s veto period has elapsed.  This is 10 days, excepting holidays and weekends, following the receipt of the minutes.

 

 












The Five (5) Words that Determine Base Closure Success
 
–Bruce Steadman

FMERA Executive Director

December 1, 2010




Five simple words; but they are critical to successful base redevelopment activities:






 
Survive closure; thrive after closure.


Surviving closure is the piece that occupies most communities.  There are many important issues associated with surviving closure that demand much attention: fire and police protection, utility maintenance, tax programs, affordable housing, street repair, school populations, environmental problems…… These are important issues and must be resolved. 



However, many base closure communities spend so much time and effort trying to find perfect answers to these difficult questions, with understandably exacting and detailed strategies to protect the interests of their constituents, that they lose sight of the ONE critical issue.  That is:






 
…how do we create an atmosphere whereby investors will invest and employers will employ, so that we can recoup the thousands of jobs lost and the millions of dollars lost?


There are many important issues, but this is the only critical issue.  Communities that transition with success through the complex and daunting tasks associated with base closure find a way to keep focused on the desired end result: thriving after closure. 

In the late 1800s, a large sailing ship left port destined for a city across the sea.  On board was a precious cargo and a hundred of the smartest and ablest seagoing men of their time.  Soon after departure, the crew members began debating several issues they deemed important: the size and shape of the sails, the color of the uniforms the officers would wear, what the galley would be serving for dinner, and which men would be assigned to the more comfortable berths.  As night approached, the debates turned to squabbles, and then to heated arguments, and then finally to fist-fights.  It took all of the officers, including the Captain and Helmsman, to maintain control as the fighting intensified.  With all of this happening, the ship floated adrift and into danger.  A storm approached and riled the waters.  Huge swells buffeted the ship, and wind-driven rain beat down in torrents.  Un-captained, the ship headed for the rocks protecting the coast of their destination.  The ship continued to flounder, and finally was overcome by a huge swell and began to take on water.  The crew hastened to make emergency maneuvers, but it was too late.  The ship lost its buoyancy, started to sink, and the wind pushed it toward the rocks.  One last swell swept over the ship, breaking it apart, and sending its precious cargo and able crew to the bottom of the sea forever, just a stone’s throw from the shore. 

Our precious cargo is the 1100 acres of land, buildings, and infrastructure that will be left behind by the U.S. Army.  To deliver this precious cargo successfully, we must keep our focus continually on our destination, and not allow ourselves to be distracted by the discourse and disagreement about the important issues along the way.  We have to work together to create that atmosphere whereby investors will invest and employers will employ, so that we can THRIVE after closure.

As the Executive Director of FMERA, I pledge that the FMERA team will focus every day, every week, and every month on delivering our cargo, and helping all of our constituents to do the same.  We will work diligently on resolving the important issues as we go forth, but always we will keep our focus on the end result, on helping our community to thrive.

I am honored to have been given the opportunity to be part of this great undertaking, and I look forward to the challenges and successes that we will find.  I would ask each of our constituents to be guided by the five critical words, as will all of us at FMERA, and I welcome your ideas and comments as we move forward.  Thank you.



 




The Wednesday, November 10th FMERA Board Meeting has been changed to Monday, November 15th.




A meeting of the Fort Monmouth Economic Revitalization Authority has been scheduled for Monday, November 15, 2010 at 7:00 pm at the Tinton Falls Municipal Building, 556 Tinton Avenue, Tinton Falls, New Jersey 07724. Formal action may be taken at this meeting on an agenda which may include the FMERA 2011 budget and the award of a vendor contract for business operations and consulting services. A copy of the proposed agenda can be found 48 hours prior to the meeting at the websites of the Fort Monmouth Economic Revitalization Authority: www.nj.gov/fmera, and the New Jersey Economic Development Authority: www.njeda.gov.

November 16, 2010 Update
The full Board Meeting agenda from the November 15th meeting is available here and through FMERA’s website at www.nj.gov/fmera. 



Please note that actions taken at FMERA Board meetings are not effective until the Governor’s veto period has elapsed.  This is 10 days, excepting holidays and weekends, following the receipt of the minutes.

 

Please be advised that on March 10, 2010, the State of New Jersey received $215,904,000 in bond allocation authority to issue Qualified School Construction Bonds (QSCB) pursuant to the American Recovery and Reinvestment Act of 2009.  The State Treasurer has authorized the transfer of a portion of its allocation to the New Jersey Economic Development Authority (NJEDA) for the purpose of issuing bonds for the benefit of Charter School projects in New Jersey.

QSCBs may be issued to finance the construction, rehabilitation or repair of school facilities or for the acquisition of land where a school will be built. They provide low-cost borrowing to build and upgrade schools.  Investors who purchase QSCBs receive federal income tax credits at prescribed tax credit rates in lieu of interest.  These tax credit rates essentially allow a school to borrow without incurring interest costs.  For more information on the eligibility requirements for QSCBs, please consult bond counsel to the NJEDA.  A list of eligible bond counsel firms is listed on the NJEDA’s website at www.njeda.gov/web/pdf/Bc2002-2004list.pdf.

The State is actively seeking to identify projects that could utilize the QSCB allocation.  Please notify the NJEDA if you are interested in obtaining a portion of the available allocation.   All requests must meet the following requirements. 

Eligibility Requirements
  1. The project financing must be ready to close no later than December 31, 2010;
  2. The applicant must have site plan approval from the municipality in which the project resides;
  3. The applicant must have secured either:
    • A term sheet or commitment from a financial institution.  The financial institution must be willing to directly purchase the QSCB; or
    • An underwriter for a public bond issue; and
  4. The applicant must have a construction contract.  All construction contract quotes must include the payment of Prevailing Wage pursuant to the NJ Department of Labor and Workforce Development requirements.  The contractor must agree to adhere to the NJEDA’s Affirmative Action requirements; and
  5. The applicant must be in good standing with the NJ Department of Education.

Required Information

  1. Name of the applicant and the project user;
  2. Summary of the project;
  3. Amount of QSCB allocation request;
  4. Pro forma with proposed sources and uses and including projected income and expenses;
  5. Detailed construction budget; and
  6. Copies of all financing term sheets or commitment letters.

All responses must be accompanied by the required information and received no later than November 19, 2010 to:

Lori Matheus, Vice President-Regional Business Development
New Jersey Economic Development Authority
PO Box 990
36 West State Street
Trenton NJ 08625
lmatheus@njeda.com
 
All questions may be directed to Margie Piliere, Director of Business Development-North, New Jersey Economic Development Authority at (609) 292-0360.

There will be a Special EDA Board Meeting on Wednesday, October 20, 2010 at 11:30am at EDA Offices, 36 West State Street, Trenton, NJ.

There will be a Special EDA Board Meeting on Friday, October 8, 2010 at 4pm at EDA Offices, 36 West State Street, Trenton, NJ.