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New Jersey city agrees to pay $27M to lease property it sold for $1


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2019 Mar 7, 7:27am   2,402 views  11 comments

by zzyzzx   ➕follow (5)   💰tip   ignore  

https://www.foxnews.com/us/new-jersey-city-agrees-to-pay-27-million-to-lease-parking-lot-it-sold-for-1

The city of Newark, N.J. has agreed to pay $27 million over 30 years to rent property that it previously sold in 2017 for just $1, leading some to question why the city didn't just hold on to the land in the first place.

“We’re paying them for something that we gave them. This is basic math, it doesn’t add up,” Newark resident Debra Salters told NJ.com Wednesday during a City Council meeting, where the deal was narrowly approved in a 5-4 vote.

The autonomous Newark Parking Authority plans to erect offices, retail space and a five-story parking deck with 515 spaces at 43-67 Green Street under a $34 million redevelopment agreement with the city, the news site reported. Newark will rent storage space for its municipal court, relocate its finance department to the property and will rent 258 working spaces for use during working hours, the report said.

“This is not the Parking Authority pushing this on the city. A redevelopment agreement was passed by this council,” Anthony Mack, executive director of the parking authority, told the council. “We’re actually subsidizing the city as we’re constructing this.”

The property is assessed at more than $10 million, according to state property records. The agreement allows the city to also lease 26,000 square feet of space. The proposed parking deck will satisfy the city’s prior agreement with the New Jersey Devils pro hockey club to build one.

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1   RWSGFY   2019 Mar 7, 9:18am  

zzyzzx says
Newark, N.J.


The Ground Zero of donkey corruption for decades, duh.
2   MrMagic   2019 Mar 7, 9:23am  

Hugolas_Madurez says
zzyzzx says
Newark, N.J.


The Ground Zero of donkey corruption for decades, duh.


True..

Now Corey "Gay Boy" Booker wants to turn the rest of the country into the same shithole.
3   Booger   2019 Mar 7, 9:25am  

I'm guessing that the person who owns the land now coincidentally made sizable campaign contributions.
4   komputodo   2019 Mar 7, 9:48am  

Booger says
I'm guessing that the person who owns the land now coincidentally made sizable campaign contributions.


You beat me to it.....lol...funny how some of our naive folks here want to believe that it was just gross incompetence when sold for $1.
5   theoakman   2019 Mar 7, 10:15am  

I mean seriously...I would paid $5. They could have quintupled their revenue.
6   HeadSet   2019 Mar 7, 11:18am  

jazz_music says
A very small example of privatization.


No, a very big example of government corruption.
7   FortWayneAsNancyPelosiHaircut   2019 Mar 7, 11:26am  

More like example of government corruption or stupidity.

jazz_music says
A very small example of privatization.
8   GNL   2019 Mar 7, 11:27am  

"Friends" helping "friends". Cronyism.
9   MisdemeanorRebel   2019 Mar 7, 11:52am  

That's NJ!
10   Shaman   2019 Mar 7, 11:55am  

Clearly, some white envelopes crossed the desk and someone’s friend or family member got the contract to become the new owner.
This sort of arrangement is why so many politicians enter with little money and leave office filthy rich.
11   Fuckyouasshole   2019 Oct 12, 11:47am  

The state will be one of the first to declare bankruptcy

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