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

By zzyzzx following x   2019 Mar 7, 7:27am 731 views   11 comments   watch   nsfw   quote     share    


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.
1   Iranian_Oil_Burse   ignore (5)   2019 Mar 7, 9:18am   ↑ like (2)   ↓ dislike (0)   quote   flag        

zzyzzx says
Newark, N.J.


The Ground Zero of donkey corruption for decades, duh.
2   MrMagic   ignore (11)   2019 Mar 7, 9:23am   ↑ like (1)   ↓ dislike (0)   quote   flag        

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   ignore (3)   2019 Mar 7, 9:25am   ↑ like (5)   ↓ dislike (0)   quote   flag        

I'm guessing that the person who owns the land now coincidentally made sizable campaign contributions.
4   jazz_music   ignore (12)   2019 Mar 7, 9:41am   ↑ like (0)   ↓ dislike (2)   quote   flag        

A very small example of privatization.
5   komputodo   ignore (1)   2019 Mar 7, 9:48am   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.
6   theoakman   ignore (0)   2019 Mar 7, 10:15am   ↑ like (0)   ↓ dislike (0)   quote   flag        

I mean seriously...I would paid $5. They could have quintupled their revenue.
7   HeadSet   ignore (1)   2019 Mar 7, 11:18am   ↑ like (0)   ↓ dislike (0)   quote   flag        

jazz_music says
A very small example of privatization.


No, a very big example of government corruption.
8   FortWayneIndiana   ignore (4)   2019 Mar 7, 11:26am   ↑ like (0)   ↓ dislike (0)   quote   flag        

More like example of government corruption or stupidity.

jazz_music says
A very small example of privatization.
9   WineHorror1   ignore (1)   2019 Mar 7, 11:27am   ↑ like (1)   ↓ dislike (0)   quote   flag        

"Friends" helping "friends". Cronyism.
11   Quigley   ignore (0)   2019 Mar 7, 11:55am   ↑ like (0)   ↓ dislike (0)   quote   flag        

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.

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