Post by Logan on Jun 24, 2016 10:25:53 GMT -6
ATLANTIC CITY — This cash-starved city sold $1.7 million worth of property Thursday at an auction that drew more than 100 people and sparked lively bidding on a few choice pieces of land.
Thursday’s sale won’t create any miracle rescues for Atlantic City, whose money troubles threatened to close City Hall in April, or to force the city into bankruptcy.
City officials have estimated that the city’s payroll is about $7 million a month, so the auction proceeds will cover just about a week’s worth of salaries.
The $1.7 million purchase value of the property would also generate roughly $58,000 in property taxes at the city’s current tax rate. But Elizabeth Terenik, Atlantic City’s planning director, said before the auction that the minimum bids were set at 10 percent of the properties’ assessed values.
Read more: www.pressofatlanticcity.com/business/massive-real-estate-auction-nets-atlantic-city-million/article_3c12e06c-3899-11e6-87f1-c738038a46cc.html
Thursday’s sale won’t create any miracle rescues for Atlantic City, whose money troubles threatened to close City Hall in April, or to force the city into bankruptcy.
City officials have estimated that the city’s payroll is about $7 million a month, so the auction proceeds will cover just about a week’s worth of salaries.
The $1.7 million purchase value of the property would also generate roughly $58,000 in property taxes at the city’s current tax rate. But Elizabeth Terenik, Atlantic City’s planning director, said before the auction that the minimum bids were set at 10 percent of the properties’ assessed values.
Read more: www.pressofatlanticcity.com/business/massive-real-estate-auction-nets-atlantic-city-million/article_3c12e06c-3899-11e6-87f1-c738038a46cc.html