There are more than 300 residential properties on the city’s foreclosure registry, as of Sept. 1, including almost 100 vacant properties.
Continue reading More than 300 properties on foreclosure registry
There are more than 300 residential properties on the city’s foreclosure registry, as of Sept. 1, including almost 100 vacant properties.
Continue reading More than 300 properties on foreclosure registry
A sheriff’s sale on unsold units at Riverwalk originally scheduled last month has been postponed until April 11. Redevelopment Agency attorney Frank Regan briefed commissioners on the sale at their meeting last month.
A $5.255-million sheriff’s sale on the remaining 19 unsold townhouses at Riverwalk is scheduled for Feb. 8, Redevelopment Agency attorney Frank Regan reported to commissioners at their meeting earlier this month. Bank of America likely will purchase the 19 units at the sheriff’s sale and then look to sell them, Regan told commissioners.
Foreclosure on the 19 unsold units began in late 2009. A total of 86 units were built, with a plan to add more on an adjacent parcel that never materialized. About two dozen Riverwalk units that are owned won judgments on their tax appeals last year, seeing their assessments reduced by as much as $20,000 and their taxes by $1,000.
Well, check this out: A study by the National Trust for Historic Preservation claims that retrofitting an existing building to make it 30 percent more efficient will “essentially always remain a better bet for the environment than a new building built tomorrow with the same efficiencies,” according to The Atlantic.
After a plan to create a park at the site didn’t pan out, a downtown auto parts store is looking to add an apartment to its second floor. Continue reading Auto parts store seeks renovations
It’s long overdue for some details about the city’s bond sale this past spring that I promised last month when I posted the city’s top 10 property taxpayers.
The city borrowed almost $12 million in general improvement bonds, including almost $8 million for redevelopment- and arts-related items.
Ten of the 22 items in the $11.765 million bond sale were related to redevelopment, totaling $7.78 million for redevelopment, more than half of it related to the Hamilton Street arts projects. About $783,750 was authorized in 2007, which covered architectural concept plans, planning and engineering, surveying, DEP permitting, floor plans and elevations, and demolition of the Hamilton Laundry building. Another $4.5 million was authorized last year, but only $3 million borrowed so far, for the Arts District’s amphitheater, which would cover the renovation of the Bell Building (now referred to as the Hamilton Stage), construction of the amphitheater, acquisition of arts related equipment and eventual acquisition of the Elizabethtown Gas building (Block 167, Lot 1).
A breakdown of the 10 items, some dating back to 2000, can be found in this Excel file, including the amounts authorized and bonds issued, along with a brief description. At the April bond sale, the city secured a rate just below 4.51 percent over 20 years from J.P. Morgan (UBS Financial was the other bidder, coming in at under 4.59 percent). The bonds mature annually on April, beginning in 2012 at $350,000, increasing to $450,000 in 2015, $550,000 in 2016, $560,000 in 2017 and $640,000 in 2018, before leveling out at $700,000 annually through 2030. The complete maturity schedule can be found in this Excel file.
In tomorrow’s post, we’ll take a look at what Standard & Poor’s had to say in its report on the city.
NJ Monthly magazine’s Table Hopping with Rosie paid a visit to Patria Restaurant and Mixology Lounge. She called it “a place in NJ that should be on your must-try list.” Overall, she had quite a few good things to say, calling the garlic shrimp better than anything found in Newark, and advising not to miss some entrees (including Patria pork, and I must agree) as well as dessert.
Note: This is a guest blog post submitted by a reader under the pseudonym, Silence DoGood. While I may frown on anonymous comments on blog posts, this is not anonymous; I know who the writer is, however, they hope the merits of their arguments (not their identity) will carry the day when it comes to passing judgment on what they present. And in case you’re wondering: no, the writer is not me, nor is it anyone running for office. Both major party candidates for mayor have been invited to submit a guest column in the coming weeks.
Dear Neighbor,
The City Council unanimously approved a $1-million application to the state Green Acres program aimed at bringing a pocket park to the corner of Monroe and Essex streets.
The Planning Board Tuesday night endorsed an application to the state Green Acres program that puts in motion a plan that might turn an auto parts store into a city park.
The City Council will hold a public hearing Tuesday at 6:30 p.m. regarding the possible acquisition of Norwood Auto Parts at 125 Monroe St. for use as a public park.
Former city planner Lenore Slothower, who’s been retained to do some grant work since retiring last year, told the Planning Board that the owner of Norwood Auto Parts approached the city administration earlier this month about the possibility of buying the property because of issues with stormwater flooding.
The city would apply to the State Green Acres program for funding that would cover about 75 percent of the $1,005,000 estimated cost. Another $221,000 would be sought from the Federal Emergency Management Agency (FEMA) to cover the remaining quarter. Preliminary estimated costs include appraisal, acquisition, relocation assistance, demolition and remediation, if necessary, among other things.
Union County’s hazardous mitigation plan must be approved by FEMA before it can be eligible for the federal funding and county officials are working to expedite that approval, she said. Deadlines loom for both the state funding and federal FEMA dollars, requiring Tuesday’s special meeting of the City Council.
The 0.1588-acre site at the corner of Monroe and Essex streets, about a block from the Rahway River, was acquired in 1991 for $257,000, according to PropertyShark.com. Assessed at $222,800, the annual property tax bill runs about $11,000.
The Monroe Street neighorhood, including the PSE&G substation across the street, has been mentioned in the past as a potential redevelopment area. The city in May 2009 opened Myron Ross Park, another park along Essex Street, this one a few blocks south, off East Milton Avenue.