Office of the State Treasurer


January 5, 2006

Tom Vincz
(609) 633-6565

Treasurer Lauds State House Commission Approval of NPDC Sale

 TRENTON -- Calling it a “milestone achievement,” State Treasurer John E. McCormac today heralded the New Jersey State House Commission’s approval of the sale of the former North Princeton Developmental Center (NPDC) site to Montgomery Township.

“We are extremely pleased that Treasury and Montgomery Township have reached the finish line for the sale and acquisition of this prized property,” said Treasurer McCormac. “I commend the State House Commission for its approval of the terms and conditions of the transaction and extend my best wishes to the residents of Montgomery who fought long and hard for the NPDC sale to the township,” he said.

Under terms of the transaction approved by the commission today, the State will sell the 268-acre site to Montgomery for $5.95 million. The title for the former NPDC, which closed its doors in 1998, is scheduled to be transferred and closed on or about January 17. The sale agreement stipulates that a minimum of 140 acres of the property be used for open space or recreational purposes. And, should the township sell any of the balance of the property within a ten year period, the State would be entitled to 50 percent of the net proceeds received by the township during that period.

“This sale marks the conclusion of a long period of negotiation with the township,” said McCormac, noting that he commenced active discussions with Montgomery soon after taking office as Treasurer in 2002. “Selling the property to Montgomery, and at a fair price for both the township and State taxpayers, were the guiding principals of the negotiations. The final sale terms clearly exemplify these principals,” he said.

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