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 April 18, 2013
Date of Auction: April 18, 2013
Location of Auction: Newark Symphony Hall, 1020 Broad Street, Newark, New Jersey
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 ( X ) n/a
List of Property: Refer to Resolution 7R3-c 032013, Exhibit A
Additional Information:
Total Sale Amount $6,642,600.00; Total Earnest Money Deposit $603,649.00 1/4 Annual Property Tax as a refundable deposit, held in escrow to insure Conditions of Sale compliance.
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WHEREAS, on March 20, 2013, 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 April 18, 2013, the Department of Economic and Housing and 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 April 18, 2013, 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 herby accepts the offers to purchase the properties shown on the attached Exhibit A for the total amount of $6,642,600.00, the sale of which were authorized for an open public auction to be held on April 18, 2013 through Resolution ...
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