ASSEMBLY BUDGET COMMITTEE
STATEMENT TO
[Second Reprint]
SENATE, No. 741
STATE OF NEW JERSEY
DATED: JUNE 26, 2024
The Assembly Budget Committee reports favorably Senate Bill
No. 741 (2R).
This bill authorizes the State Treasurer to sell and convey to the
Port Authority of New York and New Jersey (PANYNJ) the land and
improvements on Block 7203, Lot 2, in the City of Jersey City, which
property is commonly known as the Holland Tunnel Service Garage.
The property would be conveyed to the PANYNJ for $1.
The property has been declared to be surplus to the needs of the
State. The sale and conveyance of the property does not require the
approval of the State House Commission or any additional legislative
approval.
As reported by the committee, Senate Bill No. 741 (2R) is identical
to Assembly Bill No. 2608 (1R), which was also reported by the
committee on this date.
FISCAL IMPACT:
The Office of Legislative Services (OLS) concludes that this bill
will result in a one-time State revenue increase of one dollar for the
sale of the surplus property to the Port Authority of New York and
New Jersey. The Port Authority of New York and New Jersey will
experience a concurrent one-time expenditure increase of one dollar.