Business & Finance

SOLD! Paterson Set to Auction 46 Properties

050005a06bde4200e581_mini_magick20180214-63915-h91gid.jpg
050005a06bde4200e581_mini_magick20180214-63915-h91gid.jpg

PATERSON, NJ- A plan to infuse $2 million into Paterson’s budget moved forward on Tuesday with the City Council approving an auction of 46 city-owned properties. The final vote came after lengthy discussions between residents and council members about the importance of promoting home ownership as a means of building stronger communities.

First Ward Councilman Michael Jackson was the lone dissenting vote on both measures, the first to approve the auction, and the second to award a contract to Max Spann Real Estate & Auction Co. to act on behalf of the city as the auctioneer.

Under the plan, the auction will be held in Council Chambers on March 15 at 12:00 p.m. Successful purchasers will be required to bid a minimum of 20 percent of the assessed value of any property, with all sales subject to final approval by the city council.

Sign Up for E-News

Much of the dissenting discussion regarding the auction centered around concerns that residents were at a disadvantage to “developers with deeper pockets.”

Careful not to discount these concerns Councilman Ken Morris, Chair of the Council Finance Committee, said that while developers may have “more resources” it is not clear whether or not there is interest from outside the city to acquire the available lots. Morris encouraged residents to attend the scheduled information sessions as well as the auction, even if they are not ultimately a successful bidder, to “participate and learn about the process.”

“This is an opportunity to empower Patersonians to come out and purchase property,” stated Councilman Andre Sayegh. Acknowledging that “the highest bid wins,” Sayegh said that the auction is a “fair and open process” putting all participants on an “even playing field.”

According to the resolution appointing Max Spann Real Estate & Auction Co to conduct the auction, the firm will also be required to “advertise the auction” and to “take any and all other action to effect an advantageous sale of the property,” that is being made available for purchase. Their services come at no cost to the city with the firm receiving a commission from the buyer equal to 10 percent of the sale price.

Saying that the diverse list includes vacant lots, homes in various states of repair, and even commercial properties, Bob Dann, the firm’s executive vice president and chief operating officer, told TAPinto Paterson “we have now been tasked with making this auction as financially successful as possible,” and that their years of experience prove their ability to meet the high standards expected of them. “We are grateful for the trust and faith that the city council, and Paterson residents, have placed in us.”

Dann further encouraged all residents and interested parties to attend one or both of the information sessions they will host February 21 and 28. Both sessions will be held at City Hall and begin at 12:00 p.m.   

TAP Into Another Town's News:

You May Also Be Interested In

Sign Up for E-News

Paterson

Upcoming Events

Carousel_image_3f27a97645e7103f9868_flyer__courthouse_plaza_programs_2018-page-001

Tue, June 26, 11:00 AM

Paterson Courthouse Plaza, Paterson

Tuesdays in the Plaza

Carousel_image_e87dccd9e01a34bb751a_17e72275-dfa6-4ff8-bbe8-8bc953cd5fcf

Wed, June 27, 9:00 AM

Paterson Fire Headquarters, Paterson

Job Fair

Business & Finance Police & Fire

African Heritage Parade a Success

June 18, 2018

Dear Editor: 

I am writing this letter to publicly apologize to the African Heritage Parade Committee and its chief organizer, Ms. Ada Pugh.

I’ll explain why. Throughout the years I have been quite critical of the parade. I would often offer scaving objections to the planning, preparation, and even down to the marching itself. I have a tendency to be tough. I won’t ...

Pou Bill to Assist Saving for Higher Education Through Tax Deduction Advances

June 19, 2018

TRENTON - A bill sponsored by Senate Commerce Committee Chairwoman Nellie Pou that would assist parents saving for their children's college tuition through a gross income tax deduction passed the Senate Higher Education Committee today.

"This bill will give parents another incentive to save for their children's higher education," said Senator Pou (D-Passaic/Bergen) ...

Pascrell, Nadler, Congressional Colleagues Make Surprise Visit to ICE Detention Center to See Separated Families, Jail Conditions

ELIZABETH, NJ – This morning, U.S. Representative Bill Pascrell, Jr. (D-NJ-09), and Reps. Jerrold Nadler (D-NY-10), Hakeem Jeffries (D-NY-08), Frank Pallone (D-NJ-06), Carolyn Maloney (D-NY-12), Adriano Espaillat (D-NY-13), and Albio Sires (D-NJ-08) arrived at the ICE Detention Center in Elizabeth, New Jersey on Father’s Day morning and demanded to see the parents of families ...

Sports Betting Is Off And Running in New Jersey

June 15, 2018

OCEANPORT, NJ — Governor Phil Murphy officially ushered in sports betting in New Jersey when he made the initial wager at Monmouth Park  on June 14.

Governor Murphy, an avid soccer fan who has called ESPN’s “Sportscenter” his favorite show, placed the first bet  — $20 on Germany to win the World Cup. He also bet $20 on the N.J. Devils to ...