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_6b4720eb2ae22a6c19e7_c0b24416-c788-4c9a-bb74-e02bda6ad82d

Mon, June 18, 6:30 PM

First Bethel AME Church, Paterson

Marijuana Legalization: The Just Side of the ...

Law & Justice

Carousel_image_3f27a97645e7103f9868_flyer__courthouse_plaza_programs_2018-page-001

Tue, June 19, 11:00 AM

Paterson Courthouse Plaza, Paterson

Tuesdays in the Plaza

Carousel_image_3f27a97645e7103f9868_flyer__courthouse_plaza_programs_2018-page-001

Tue, June 26, 11:00 AM

Paterson Courthouse Plaza, Paterson

Tuesdays in the Plaza

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 ...

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

June 18, 2018

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 ...

New Jersey Blood Services Declares Blood Emergency

New Jersey Blood Services/New York Blood Center (NYBC) has declared a blood emergency. The organization is asking people across New York City, the Hudson Valley, Long Island and New Jersey to donate blood to help replenish the blood supply for hospitals throughout the area.

 

In order to maintain a safe blood supply, a seven-day inventory of all blood types must be continually ...

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 ...

Bloomfield Parents Protest Board of Education Decision to add Armed Guards to All Public Schools

BLOOMFIELD, NJ - Emotions ran high prior to and during tonight’s Board of Education meeting at Bloomfield High School.

Prior to the regularly scheduled meeting, about 25 parents protested outside of the main entrance with signs expressing their disapproval of the placing of armed guards in all district schools.  Several parents had megaphones, while many drivers passing by on ...

Senator Pou’s Statement on Hurricane Maria Evacuee Session

June 9, 2018

PATERSON, NJ- Senator Nellie Pou (D-Paterson) released the following statement regarding the Hurricane Maria Evacuee session to be held on Monday, June 11, in Paterson:

 

I am happy that we are able to bring these types of informational sessions to the residents of Paterson and surrounding areas to ensure that Hurricane Maria evacuees are made aware of the programs available to them ...