Title
Dept/ Agency: Economic and Housing Development
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Public Real Estate Auction
Purpose: To accept bids and execute Quitclaim Deeds for properties sold at Public Auction on Thursday, August 27, 2020.
Date of Auction: Thursday, August 27, 2020
Location of Auction: Realauction.com
Cost Basis: ( ) PSF ( ) Negotiated ( ) N/A (X) Other:
Contract Basis: ( ) Bid ( ) State Vendor ( ) Prof. Ser. ( ) EUS
(X) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
List of Property: Refer to Exhibit A
Additional Information:
Total Sale Amount: $7,361,100.00
Total Earnest Money Deposit as per Exhibit A: $1,348,885.00
1/4 Annual Property Tax held in escrow as a refundable deposit to insure Conditions of Sale compliance.
body
WHEREAS, on August 11, 2020, the Municipal Council adopted Resolution 7R2-h(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 7R2-h(S) as Exhibit B; and
WHEREAS, on August 27, 2020, the Department of Economic and Housing Development conducted a public real estate 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 August 27, 2020, 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 Seven Million Three Hundred Sixty-One Thousand One Hundred Dollars and Zero Cents ($7,361,100.00), the sale of which were authorized at an open public auction held on Thursday,...
Click here for full text