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Waterfront Property Dispute

Sayreville, NJ: (Apr-03-08) After being locked in a legal battle over a 400-acre piece of waterfront property, National Lead Industries and Sayreville County have entered into a settlement agreement, resolving the prolonged dispute. Under the terms of the settlement agreement, National Lead Industries will be paid $82.7 million for its prized property in Sayreville, leaving the county hopeful that the 400-acre tract will finally be cleaned up and redeveloped.

The deal was mediated by Middlesex County Freeholder Director David Crabiel, who stated that several months of negotiations resolved the dispute between the Sayreville Economic and Redevelopment Agency and National Lead, a manufacturing giant that once operated a paint pigment plant on the tract.

Sources stated that the settlement stipulated that O'Neill Properties, the redeveloper, will acquire the land through a series of closings, stretching over 30 months. The first is scheduled for May 1, when $32 million is turned over. The Pennsylvania-based company was named redeveloper in mid 2007, stating that previous firms lacked the financial wherewithal or experience. [NJ.COM NEWS: NL INDUSTRIES WILL GET $82.7M FOR PRIZED WATERFRONT LAND IN SAYREVILLE]

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Published on Apr-6-08


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