(TRENTON) – Assembly Democratic legislation prime sponsored by Majority Leader Joseph Cryan, Albert Coutinho, Angel Fuentes and Annette Quijano to encourage job creation and economic growth through the redevelopment of Fort Monmouth was signed into law on Tuesday.
The bill (A-597) authored by Cryan, Coutinho, Fuentes and Quijano establishes the Fort Monmouth Economic Revitalization Authority to implement the Fort Monmouth Reuse and Redevelopment Plan.
Fort Monmouth is a federal military installation scheduled to close in 2011 and whose land is to be redeveloped for civilian use.
“Quite simply, this is all about jobs for New Jerseyans,” said Cryan (D-Union). “Job creation and economic development has been one of our top priorities. This law will play a key role in ensuring New Jersey maximizes all opportunities to make this property a key part of our economic future and help put nearly 7,000 New Jerseyans to work.”
“We weren’t the ones that decided to close Fort Monmouth and send jobs elsewhere, but with this law we’ll be the ones to ensure New Jersey takes advantage of every opportunity to create new jobs and keep this property as a key economic engine,” said Coutinho (D-Essex), the Assembly Commerce and Economic Development chairman. “We now have a chance to see as much as 2 million square feet of office space built or renovated over the next 20 years at this site, providing 4,900 full-time jobs and generating $24.7 million in annual state wage taxes.”
“This law puts us in position to create jobs and drive economic development that will benefit the entire state,” said Fuentes (D-Camden). “Besides the office space, we’re looking at the potential for 760,000 square feet of retail and hospitality space that would create an estimated 1,900 full-time positions and generate more than $18 million in annual sales tax collections.”
“This law positions us nicely to take advantage of the economic development potential this site has to offer to New Jersey,” said Quijano (D-Union). “As we work our way through this recession, creating jobs and promoting economic growth is vital, and that’s exactly what this plan does for the benefit of all our residents.”
The bill was approved 39-0 by the Senate and 76-1-1 by the Assembly in June. It was signed Tuesday by Gov. Chris Christie.
