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Service committee authorizes development partner to broker sale of city-owned lot
Summary
The Service Committee approved Resolution 25-15 authorizing Newark and Bella Partners to act as agent for the city to sell a city-owned lot and authorized the director of public service to enter a memorandum of understanding governing sale proceeds.
The Newark Service Committee on March 17 voted 5–0 to authorize Newark and Bella Partners to act as the city’s development agent for the sale of a city-owned parcel (Resolution 25-15). A presenter told the committee the city has no municipal use for the lot and that a development partner approached the city about purchasing it. The resolution authorizes the director of public service to enter a memorandum of understanding that will govern the sale and distribution of proceeds.
Committee members asked clarifying questions about proceeds distribution and the presenter said an agreement will specify how sale proceeds return to the city. The committee approved the resolution by voice vote; staff indicated the matter will be recorded as ordinance number 105-11 for tracking.
