Title
Dept/ Agency: Finance
Action: ( ) Ratifying (X) Authorizing ( ) Amending
Purpose: Private sale & assignment of Tax Sale Certificate
Entity Name: ReVelopers, LLC
Entity Address: 108-110 Grand Avenue, Newark, New Jersey 07106
Amount of Sale: $138,821.62
Cert. No./Tax Sale Date/Block/Lot/Location/Ward/Property Type
Cert # 2014-0560 sold on 09/18/14 Block 12 Lot 1/ 23 Bridge Street
Cert # 2014-0561 sold on 09/18/14 Block 12 Lot 2/ 25 Bridge Street
Cert # 2014-0562 sold on 09/18/14 Block 12 Lot 84/ 6 Atlantic Street
Cert # 2014-0563 sold on 09/18/14 Block 12 Lot 86/ 27 Bridge Street
Additional Information:
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WHEREAS, pursuant to N.J.S.A. 54:5-113 & 114, notice will be published in the Newark Star Ledger that at its regular meeting to be held on September 19, 2018, the Municipal Council of the City of Newark will take action to authorize the assignment of Tax Sale Certificates No. 2014-0560, 2014-0561, 2014-0562, 2014-0563, all dated September 18, 2014 to: ReVelopers, LLC., 108-110 Grand Avenue, Newark, New Jersey 07106; and
WHEREAS, the said Tax Sale Certificates are presently held by the City of Newark and the City wishes to turn said liens into cash; and
WHEREAS, in consideration for assigning the Tax Sale Certificates, the City will realize the total sum of One Hundred Thirty-Eight Thousand Eight Hundred Twenty-One Dollars and Sixty-Two Cents, ($138,821.62), representing the tax lien amounts and subsequent charges through July 2018.
NOW, THEREFORE, BE IT RESOLVED BY THE MUNICIPAL COUNCIL OF THE CITY OF NEWARK, NEW JERSEY, THAT:
1. The assignment of Tax Sale Certificates No. #2014-0560, #2014-0561, #2014-0562, #2014-0563, all dated December 29, 2014, is hereby authorized.
2. The Tax Collector is hereby authorized and directed to execute for the aforesaid consideration of $138,821.62, the assignment of the Tax Sale Certificates described herein.
3. The Tax Collector shall have authority to void the assignment if payment is received, or found to have other implications that would preclude clear title.
STATEMENT
Resolution authorizes the Tax Collector to assign Tax Sale Certificates to ReVelopers, LLC., 108-110 Grand Avenue, Newark, New Jersey 07106 to turn the delinquent Tax Sale Certificates to $138,821.62.