Title
Dept/ Agency: Economic and 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 June 30, 2016
Date of Auction: June 30, 2016
Location of Auction: Newark Symphony Hall, 1020 Broad Street, Newark, New Jersey 07102
Cost Basis: ( ) PSF ( ) Negotiated ( ) N/A (X) Other:
Contract Basis: (X) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
(X) 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 $1,083,060.00
Total Earnest Money Deposit as per Exhibit A $120,115.00
1/4 Annual Property Tax as a refundable deposit, held in escrow to insure Conditions of Sale compliance.
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WHEREAS, on June 15, 2016, the City of Newark Municipal Council adopted Resolution 7R3-c 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-c as Exhibit B; and
WHEREAS, on June 30, 2016, 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 June 30, 2016, 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:
1. The City of Newark hereby accepts the offers to purchase the properties shown on the attached Exhibit A, for the total amount of $1,083,060.00, the sale of which were authorized from an open public auction held on June 30, 2016 through Resolution 7R3-c, adopted...
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