Media Release
Contact: FOR
IMMEDIATE RELEASE
Kathleen Keen
(856) 455-3230 Ext 227
Keenk@cityofbridgeton.com
BRIDGETON
ANNOUNCES OCTOBER 16TH AUCTION FOR CITY-OWNED PROPERTIES
Working to put City-owned properties back on the tax
rolls, Bridgeton officials announced this week that October 16th has been set
for an auction of fourteen (14) City-owned properties which includes many with structures
and a few vacant lots.
According to City officials, the October 16th auction
will take place at the Bridgeton Police & Municipal Court Complex located
at 330 Fayette St beginning at 4:00pm in the Council chambers.
Successful bidders will be required to pay 10% of the bid
price as a deposit and the deposit amount needs be paid by cash or check at the
time of the bid. Subject to terms and conditions that will be announced at the auction,
successful bidders will have 30 days to close on the properties from the date
that City Council accepts a bid unless an extension is granted.
The 14 properties slated for the October 16th
auction will each have a minimum bid price to start and a successful bidder
that fails to settle within the approved timeframe will forfeit their 10%
deposit. Beyond that, if it involves a structure, bidders will be expected to pull
permits within 3 months of settlement and complete rehab work within 9 months
of getting permits. The maximum timeframe is 12 months to make properties
code-compliant and each deed will have a “reverter clause” should bidders
either fail to get permits or complete the necessary rehab work.
All properties will be auctioned
“as is” and the list includes; 25 Spruce St, 15 Washington St, 157 Southeast
Ave, 40 Preston Ave, 240 Vine St, 523 South Ave, 60 Bank St, 59 Ellis St, 61
Ellis St, 252 S. Pine St, 181 Irving Ave and vacant lots at 10 Bertini Drive
(Block 5 Lot 1), Colfax St (Block 191 Lot 21), and E. Commerce St (Block 172
Lot 22).
Because the properties are being
auctioned “as is”, anyone purchasing property is strongly encouraged to get
title insurance as the City makes no representations or guarantees as to the
quality or marketability of the properties being auctioned.
“We have had a number of people
over many months ask about buying City-owned properties and we encourage anyone
who may be interested to attend this auction. Our hope is to see these
properties productive again and back on the tax rolls because it can only help
our community” said Bridgeton Mayor Albert Kelly.
Those interested in finding out more information can do so
by visiting the City of Bridgeton website at www.cityofbridgeton.com.
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