In New Jersey, the city has sold property for $ 1, and now it will pay $ 27 million for its rent
The city of Newark, New Jersey, agreed during 30 years to pay 27 millions of dollars for the rental of real estate, which it sold in 2017 for just a dollar. The news made some people wonder why the city did not hold the ground. He writes about it Fox News.
Photo: video frame
“It turns out we have to pay for what we gave. That kind of math doesn’t work,” Newark resident Debra Salters said at the City Council meeting.
In accordance with the agreement with the city on the redevelopment of the cost of 34 million dollars, Newark Parking Management plans to build offices, retail space and a five-story parking lot for 515 places.
The report says that Newark will lease storage space for the municipal court, transfer the finance department to the property and rent 258 jobs for use during working hours.
“We didn't force the city to do this, it was the council that accepted the redevelopment agreement,” said Anthony Mack, executive director of the Parking Authority. “We’re essentially subsidizing the city when we build this.”
According to state ownership, the property is estimated at more than 10 million dollars. The agreement allows the city to also rent 26 000 square feet of space. The proposed parking area will comply with the preliminary agreement of the city with the professional hockey club New Jersey Devils on its construction.
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