Title
Dept/ Agency: Economic & Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Public Real Estate Auction
Purpose: Accept bids and execute Quitclaim Deeds for properties sold at public auction on September 16, 2014
Date of Auction: September 16, 2014
Location of Auction: Newark Symphony Hall, 1020 Broad Street, Newark, New Jersey
Cost Basis: ( ) PSF ( ) Negotiated ( ) N/A (X) Other:
Contract Basis: (X ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( X ) n/a
List of Property: Refer to Resolution, Exhibit A
Additional Information:
Total Sale Amount as per Schedule A, $2,530,500.00; Total Earnest Money Deposit as per Schedule A $394,850.00 ¼ Annual Property Tax as a refundable deposit, held in escrow to insure Conditions of Sale compliance.
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WHEREAS, on August 19, 2014, the City of Newark Municipal Council adopted Resolution 7R3-A(S) authorizing the sale of City-owned properties, not needed for governmental purposes, by open public auction pursuant to the terms enumerated in the Standard Conditions of Sale attached to Resolution 7R3-A(S) as Exhibit B; and
WHEREAS, on September 16, 2014, the Department of Economic and Housing Development conducted a public auction for the sale of City-owned properties as shown on the attached Exhibit A, pursuant to N.J.S.A. 40A:12-13(a); and
WHEREAS, this resolution seeks to accept or reject the bids received on September 16, 2014, pursuant to N.J.S.A 40A:12-13(a).
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
- The City of Newark herby accepts the offers to purchase the properties shown on the attached Exhibit A for the total amount of $2,530,500.00, the sale of which were authorized for an open public auction to be held on September 16, 2014 through Resolution 7R3-A(S), adopted August 19, 2014, and duly published in the Star Ledger on September 3, 2014 and September 11, 2014, pursuant to N.J.S.A. 40A:12-13(a).
- The Director of the Department of Economic and Housing Development of the City of Newark is hereby authorized to effectuate the sale of the properties shown on the attached Exhibit A to the successful bidders through a Quitclaim Deed, subject to the Standard Conditions of Sale set forth in Exhibit B attached to Resolution 7R3-A(S) 081914.
- The Quitclaim Deeds and all documents pertaining to the sale of the properties shown on the attached Exhibit A shall be approved as to form by the City Corporation Counsel to be attested and acknowledged by the City Clerk.
- The Acting Director of Finance is hereby authorized to receive proceeds of sale and to deposit same as follows: fifty (50) percent into the General Fund (011 505 0505 5284); forty (40) percent of the sale proceeds shall be deposited into the Community and Economic Development Dedicated Trust Fund (026 BS 3210) established under Resolution No 7RG 110685; and ten (10) percent of the sale proceeds shall be placed in the City's Affordable Housing Trust Fund (026 BS 3035) established under City Ordinance 6PhS&FF 062106 for the purpose of preserving low and moderate income affordable housing.
STATEMENT
The purpose of this Resolution is to accept the bids for the properties sold at public auction on September 16, 2014 and to authorize the Director of the Department of Economic and Housing Development to effectuate the sale of the properties shown on the attached Exhibit A through a Quitclaim Deed, subject to the Standard Conditions of Sale set forth in Exhibit B attached to Resolution 7R3-A 081914.