Review of Fort Hancock Financial Information Continues

Date: June 30, 2009
Contact: Brian Feeney, 718-354-4606 phone

Today the National Park Service (NPS) announced an update to the progress on the lease agreement between the NPS and Sandy Hook Partners, LLC. Sandy Hook Partners submitted a Phase I financing and development package to the NPS on March 24, 2009. With the assistance of PriceWaterhouseCoopers the NPS has been conducting an evaluation of the package.

Based on the review and analysis of the inancing and funding submittal for Phase I of the project, in early June the NPS requested clarification and additional information from Sandy Hook Partners. Sandy Hook Partners submitted the additional information by the June 29, 2009 deadline. According to the terms of the contact, the NPS now has up to 30 business days to review the new information for sufficiency.

Background

Sandy Hook Partners LLC was selected by the NPS to rehabilitate and adaptively reuse 36 historic structures in the Fort Hancock Historic District of Sandy Hook. Their effort will build upon the current marine science, education and research programs of the park. As envisioned, the plan will provide expanded educational opportunities through New Jersey-based university partners, along with state-of the-art educational conference facilities and office space. Lodging and food services will also be established to support the enhanced activities.