Money to pad the city budget is the primary motivator underlying the desire of some Red Bank city officials who want to sell the people’s land at 3715 Dayton Boulevard to a private developer.

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That property was appraised in summer 2021 for $3,770,000, a potential cash windfall that obscures the long-term vision of some.  Claims of a big new stream of property tax from developing the old middle school property are put in perspective by actual estimates regarding the Rise Partners development in north Red Bank beside the Department of Motor Vehicles, which is projected to generate only about $117,000 ⁄ year from more than 70 rental homes.


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Complicating the situation is the City’s noncompliance with the federal government’s requirement that the converted Morrison Springs Park be replaced with land of at least equal value (appraised in 2021 at $1,455,000) and of at least reasonably equivalent usefulness and location.  Red Bank is unlikely to be able to meet these requirements with any other land.

 

Nonetheless, the City attempted to sell the people’s land to private developers in autumn of 2020, by issuing a public Request for Proposals in September 2020.  The RFP was issued immediately after the City had the property appraised in August 2020 for $3,075,000.  The City wanted to find developers who would buy the land, take it off the City’s hands, and develop it for mixed use.

 

 

 

 

 

 

 

 

 

 

 

The results of the RFP process are summarized in the table below: