Real Estate & Property Law

Save one dollar and spend two

By Alan Ackerman

NJ.com

Freeholder Anthony Romano of Hoboken brought up the possibility of moving county workers out of the annex long enough to complete the needed upgrades _ once the building is acquired. Other freeholders and County Clerk Abraham Antun agreed that space was available in the nearby county Administration Building on Newark Avenue. Personnel would only be moved should any proposed construction require it. In modernizing the building's computer capabilities, it was noted that the freeholders' public meeting chambers may have to be reconfigured which would force the county governing body to hold sessions in the administration building.

The Board of Freeholders has been paying a lease of $1.08 million a year. By buying the annex, the annual cost to the county would be about $700,000, a $300,000 savings, according to officials. Part of the savings includes not having to pay $118,000 in annual property taxes to Jersey City, a part of the lease payments.

Panepinto could not be reached for comment.

The County wants to buy out its lease.  The value on a reasonable capitalization may be far more than the eleven million dollar estimated value.  And to think the government does not want to pay real estate taxes!

Full post as published by National Eminent Domain Blog on August 17, 2009 (boomark / email).