The remaining hurdle has been cleared in the deal to allow a New York real estate developer to lease Monmouth Park race track in Oceanport.

State Sen. Jennifer Beck (R-Monmouth and Mercer) said the Senate approved a bill that would facilitate the transfer of the horse racing track’s operations from the New Jersey Sports and Exposition Authority (NJSEA) to developer Morris Bailey, of Deal.

“The deal is done, so we are obviously excited about that,” Beck said. “It is a great day for Monmouth Park; it is a great day for the Meadowlands. It is certainly a great day for the state of New Jersey that we are keeping the jobs alive in New Jersey.”

The legislation sponsored by Beck and Sen. Joseph Kyrillos (R-Monmouth and Middlesex) was approved on June 29 by a 39-0 vote in the Senate (S2640) and a 78-0 vote in the Assembly (A3710).

Bailey’s attorney, Ronald Riccio, confirmed in an interview that the deal for Bailey to take over operation of Monmouth Park is complete.

“There were agreements made [on June 21],” he said.

Riccio said negotiations are ongoing with various unions and workers at the track, but the details of the transaction have been negotiated with the NJSEA and the Thoroughbred Horsemen’s Association.

Riccio explained the terms of the lease agreement and the agreement with the horsemen.

“It is a five-year initial term with multiple options to renew for 10 years,” he said. “It’s a long-term lease, and the racing dates are worked out in the agreement with the horsemen. It’s a comprehensive agreement in which Mr. Bailey and the horsemen related to a whole variety of different topics. There is an agreement to race at least 71 days a year.”

Beck praised the bill in a press release, saying it will save horse racing while relieving the burden on taxpayers.

“Horse racing in New Jersey will continue for years to come, but it will do so in a self-sustaining business model with private sector dollars, rather than tax dollars, being used to fund purses,” Beck said. “I look forward to seeing this new era of horse racing in our state unfold.” Kyrillos was also pleased about the bill passing both houses of the Legislature.

“Private entities operating the Meadowlands and Monmouth Park is a practical solution to the sustainability of this important industry, will save taxpayer dollars and be an economic boon to both the region and the state as a whole,” Kyrillos said. “The recent agreement between the state and private operators will create a business model for horse racing that will allow it to stand on its own two feet.”

Beck said there is a memorandum of understanding between the NJSEAand Bailey indicating that the agreement with Bailey is done. The 71-date race schedule was also part of the bills passed in the state Legislature .

Although he declined to reveal specifics, Riccio said some changes will be made to Monmouth Park.

“Mr. Bailey has visions for the future of the track that involve a number of different ideas which are still in the planning and development stages,” the attorney said. “There may be some changes, but the meet has already begun, it’s already six weeks old. Most of the major changes will take place next year.”

The agreement gives Bailey the rights to a five-year lease agreement for Monmouth Park, as well as five off-track wagering facilities (OTW), including the state’s Woodbridge location, the most successful of the group.

Under the terms of the Monmouth Park lease agreement, Bailey will be required to pay all of the operating expenses associated with Monmouth Park, including utilities, facility and grounds maintenance, personnel, management and labor costs, and taxes — including any property tax or payment in lieu of taxes required — and any special assessments to be paid to Oceanport.

The NJSEA issued a request for proposals for the lease of Monmouth Park on March 31, following Gov. Chris Christie’s decision to cease state funding of the horse racing industry.

Areport issued in November by the governor’s Advisory Commission on Gaming, Sports and Entertainment cited an on-track loss of $6.6 million at Monmouth Park in 2010.

However, 2010 also saw the track host its first so-called Elite Meet, which reduced the number of racing dates while raising purses in order to attract higher-quality horses and increase attendance.