Bill Text: NJ A3213 | 2010-2011 | Regular Session | Introduced
Bill Title: Establishes certain specifications for NJ Sports and Exposition Authority sale or lease of Meadowlands Racetrack.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2010-09-16 - Introduced, Referred to Assembly Regulatory Oversight and Gaming Committee [A3213 Detail]
Download: New_Jersey-2010-A3213-Introduced.html
Sponsored by:
Assemblyman RALPH R. CAPUTO
District 28 (Essex)
SYNOPSIS
Establishes certain specifications for NJ Sports and Exposition Authority sale or lease of Meadowlands Racetrack.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the sale or lease of certain real property within the Meadowlands complex and supplementing P.L.1971, c.137 (C.5:10-1 et seq.).
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. a. Notwithstanding any other provision of law, rule, or regulation to the contrary, the sale, lease, or other conveyance by the authority of all or part of the authority's interest in a racetrack for the holding of horse race meetings, and other buildings, structures, facilities, properties, appurtenances related thereto, and the improvements thereon within the Meadowlands complex, shall be conducted through the use of a public auction process in conformity with specifications that ensure the reliability, accuracy, transparency, and effectiveness of that process, and encourage the highest possible bid for the benefit of the State. Those specifications shall include, but shall not be limited to:
(1) The establishment of clearly written, comprehensive guidelines detailing all of the requirements applicable to bidders, instructions on how to view and place bids, and all of the steps in the public auction process;
(2) For each property, a statement of the dates and times during which a bidding period begins and ends, specifying the days and hours during which an approved bidder may view and place bids;
(3) The location and availability of bidding information that is as current as possible, including the number of bids placed and the bid amounts but excluding any prescribed black-out period;
(4) The performance of an independent real estate appraisal and the use of the appraised value of the property as a minimum baseline for a starting bid;
(5) A description of the documentation rules applicable to the entire bidding process for each property offered; and
(6) Any other specifications to ensure the integrity of the public auction process and the attainment of the highest possible bid for the benefit of the authority and of the State, if applicable.
b. The provisions of this section shall not abrogate any contract of sale, conveyance, or lease between the authority and a successful bidder entered into prior to the effective date of P.L. , c. (C. ) (pending before the Legislature as this bill) in accordance with previously established procedures.
2. This act shall take effect immediately.
STATEMENT
This bill requires that the sale or lease by the New Jersey Sports and Exposition Authority ("authority") of all or part of its interest in a racetrack for the holding of horse race meetings, and other buildings, structures, facilities, properties, appurtenances related thereto, and the improvements thereon within the Meadowlands complex, be conducted through a public auction process and mandates that this process comply with specifications to ensure that the process is reliable, accurate, transparent, and effective, and will encourage the highest possible bid for the benefit of the State.
The specifications will include, but will not be limited to: a comprehensive written description of the public auction process, with instructions for bidders; a designated duration of the bidding process for each auction; the location and availability of bidding information that is as current as possible, but excluding any black-out period; the performance of an independent real estate appraisal to be used as the minimum starting bid; a description of the documentation rules for the entire bidding process; and any other specifications to ensure the integrity of the public auction process and the attainment of the highest possible bid.
The bill would not abrogate any contract of sale, conveyance, or lease between the authority and a successful bidder entered into prior to the bill's effective date.
