Wednesday, December 9, 2009

More on the NJ legislation, and a bit of clarification

Greater Media News staff writer Rebecca Morton did a nice job detailing the NJ legislation (A4159/S3017) seeking an analysis of the Laurelwood housing conversion at Weapons Station Earle, in this piece in The Examiner (of Allentown, Millstone, Roosevelt and Upper Freehold).

It is a misnomer, however, that the U.S. Navy is off the hook for rent payments to Teri Fischer, owner of Laurelwood Homes, LLC, as of (April) 2010, as suggested by The Examiner, and as the Navy's own Environmental Impact Statement (EIS) on the housing conversion would suggest.

NOPE's reading of the Laurelwood lease and supplemental agreeements, obtained via the Freedom of Information Act (FOIA), suggests the U.S. Navy will be on the hook to the developer for as much as $20 million more if certain access and occupancy requirements are not met. The Asbury Park Press reported on this in May 2009, and as spelled out in this NOPE press release from May 12, 2009.

We can provide copies of the full lease agreement, if anyone needs. Just drop us a comment here and we'll be sure to follow up.

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