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 November 2, 2017
Date of Auction: November 2, 2017
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 $2,628,500.00
Total Earnest Money Deposit as per Exhibit A $152,533.00
1/4 Annual Property Tax as a refundable deposit, held in escrow to insure Conditions of Sale compliance
Failed 7R2-g (as) 111317
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WHEREAS, on October 18, 2017, the City of Newark Municipal Council adopted Resolution 7R2-b(AS) 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-b(AS) as Exhibit B; and
WHEREAS, on November 2, 2017, 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 November 2, 2017, 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 accepts the offers to purchase the properties shown on the attached Exhibit A for the total amount of $2,628,500.00, the sale of which were authorized for an open public auction to be held on...
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