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 1/4 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:
1. 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 authori...
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