Newark, N.J. seeks to maximize revenues for port

The city released a “Request for Expressions of Interest and Information (RFEII) for Maximizing Economic Benefits” and is looking at the possible use of Newark Port land by a private owner.    The City of Newark, N.J. said last week that it is “reaching out to private entities to identify ways to maximize the use of and revenue from the Newark Port.”
   The 957-acre tract is currently leased to the Port Authority of New York and New Jersey, and sub-leased by the port authority to various companies that operate container, roll-on/roll-off, and bulk terminals, warehouses and other businesses. The primary lease runs until 2065, and no sub-lease extends beyond that date.
   Mayor Ras J. Baraka and Deputy Mayor of Economic and Housing Development Baye Adofo-Wilson said last week that Newark has released a “Request for Expressions of Interest and Information (RFEII) for Maximizing Economic Benefits” from the port.
   “With an assessed value of approximately $700 million, the City of Newark believes this property has been underutilized and that there may be a possibility that a private owner will better leverage its use,” the city said in press release.
   “We are looking at almost 1,000 acres of prime real estate in the city and we want to ensure that the use of the port is maximized with the best and most profitable use for Newark and its residents,” said Baraka. “While we are not tied to any specific undertaking at this time, we are interested in the ideas that will be brought out during this process.
   “We are especially mindful of the fact that as container traffic continues to grow, the port will grow exponentially,” the mayor said. “This could mean tax relief for Newark citizens as well as jobs.”
   “As the City progresses and witnesses burgeoning economic development, we are hoping to expand best use practices with underdeveloped areas,” added Deputy Mayor Adofo-Wilson. “There are almost 350 acres on this parcel which are not revenue-producing. A private owner – rather than the city or the port authority – may be the best option to allay our concerns for this property.”
   The Newark Port property was first developed by the city and then together with an adjacent airport, today known as Newark Liberty International Airport. It has been leased to the Port Authority since March 1948.
   The RFEII is available here. An information meeting and site tour are scheduled for Jan. 21, 2016 at 10 a.m. at a location to be announced.