Legislation sponsored by Senator Declan O’Scanlon and Assemblywoman Serena DiMaso (both R-Monmouth) to extend the length of certain public property leases, S3456/A4897, was signed today by Governor Phil Murphy.
Sen. Declan O’Scanlon and Assemblywoman Serena DiMaso’s legislation to extend the length of certain public property leases and support commuters who use ferries was signed by Gov. Phil Murphy. (SenateNJ.com)
“This law will enable private infrastructure investment, adding massive value to public property which has been leased,” O’Scanlon said. “By enacting this law, we are clarifying that public property leases should be allowed to extend past the typical 24-month period, as long as the capital improvement has a life expectancy of more than 20 years, or is valued above $300,000. We are also encouraging private investment that will return long-lasting yields for public property and at the same time allow for increased services – such as additional ferry services. We’ve worked extensively with Senator Vitale and Monmouth County to ensure that we accomplished what was needed in this bill.”
“The legislative change will help to facilitate expansion of more efficient and improved ferry services for our commuters,” DiMaso continued. “I’ve been working on this issue since the very beginning of my term in the Assembly, and even since I was a Freeholder. Monmouth County and the Bayshore has a large population of residents who depend on ferries to commute to their jobs in New York. Expanding the length of public property leases for private ferry operation will bring enhanced services, facilities, and ferry maintenance to our commuters. We’re grateful that Monmouth County brought the issue to our attention so that we could move this forward.”