Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Type of Service: Professional Service Contract
Purpose: Online Electronic Tax Sales
Entity Name: R.O.K. Industries, Inc. d/b/a NJTaxlieninvestor.com and Realauction.com LLC.
Entity Address: 306 Harlingen Road, Belle Mead, New Jersey 08502-5309
Contract Amount: Amount not to exceed $149,061.12
Funding Source: 2017 Budget/Department of Finance
Contract Period: One (1) year from the date of final contract execution with an option to renew for one (1) year consistent with the term of the Pilot Program
Contract Basis: ( ) Bid (X) State Vendor ( ) Prof. Ser. ( ) EUS
( ) Fair & Open ( ) No Reportable Contributions ( ) RFP ( ) RFQ
( ) Private Sale ( ) Grant ( ) Sub-recipient ( ) n/a
Additional Information:
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WHEREAS, N.J.S.A. 54:5-19.1 authorizes Electronic Tax Sales pursuant to rules and regulations to be promulgated by the Director of the Division of Local Government Services, (hereinafter referred to as "the Division"); and
WHEREAS, the Director of the Division has promulgated rules and regulations for pilot programs; and
WHEREAS, the Director of the Division has approved R.O.K Industries, d/b/a NJTaxlieninvestor.com, and Realauction.com LLC, to conduct an Electronic Tax Sales pilot program; and
WHEREAS, ROK Industries is utilizing RealAuction.com, LLC.'s Approved Auction Platform that it may market and conduct electronic auctions of Tax Certificates under the Electronic Tax Sale Pilot Program on behalf of the City of Newark; and
WHEREAS, on August 2, 2017, the City of Newark adopted Resolution 7R4-b for participation in the pilot program for an Electronic Tax Sale; and
WHEREAS, an Electronic Tax Sale is an online, innovative, efficient means of generating a greater pool of potential lien buyers, thus creating the environment for a more complete and thorough tax sale process; and
WHEREAS, the City of Newark received pro...
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