The Jackson Township Board of Education has reject the sole bid received for the sale of the Rosenauer Elementary School property, as it failed to meet the minimum bid requirements. The property, located in Brookwood 1, has been declared no longer needed for school purposes and its sale is intended to help the BOE, which is facing serious financial trouble.
The Board had set a minimum bid of $18,500,000 for the property, as required under New Jersey state law. However, at the November 14 bid opening, only one bid was submitted, amounting to $9,100,000—less than half of the required minimum.
In response, the Board passed a resolution rejecting the bid due to its inadequacy. The resolution also authorizes the Board’s Business Administrator to re-advertise the property for sale with a newly reduced minimum bid of $12,500,000. If the second round of bidding fails to produce offers meeting or exceeding the new minimum, the Board reserves the right to award the sale to the highest bidder.