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Closing delays at 202 S. Wade Blvd. may cost Millville taxpayers additional rent and taxes, officials say
Summary
City staff said a closing for 202 South Wade Boulevard is tentatively scheduled for April 15 but the title company is still waiting for paperwork; the commission was told further rent ($8,500/month) and tax costs could add roughly $28,000 over several months.
City staff told the Millville City Commission on April 1 that the tentative closing for 202 South Wade Boulevard is scheduled for April 15 but that the title company is still waiting for paperwork from the seller’s attorney, which could push the closing later and add more costs to the city.
A city speaker said the municipality has been paying $8,500 per month in rent for the property and that the city is already into its fourth month of those payments; the speaker estimated additional charges including a quarter’s taxes of roughly $3,000 could bring the added expense to about $28,000 if the closing slips another month or three. The speaker calculated that, using a rough estimate of the average local tax bill, that amount is the equivalent of a portion of tax revenue from about a dozen homeowners.
Commissioners also discussed the city’s recent purchase and closing timeline for a Fifteenth Street warehouse that had been acquired for municipal use. One commissioner criticized planning and timing for the Fifteenth Street acquisition, saying environmental reviews and other steps were not ordered early enough and that delays and poor sequencing created unnecessary taxpayer cost.
City staff said the title company expects paperwork closer to the end of the month if not sooner; no revised closing date was firmed at the work session. No formal vote was recorded on property-related items during the work session.
