With 86 City-owned properties auctioned off on September 16th, the public property sale was the largest and most successful in the City’s history. In a release issued yesterday, the City of Trenton announced that $3.3 million dollars in pledges were tendered by auction participants for City properties.
While bidders have 60 days from executing the contract to close on the sale and must rehabilitate the property within 12 months, the 10 percent deposit is made immediately and constitutes 300,000 of guaranteed revenue for the City.
“Trenton is trending in the right direction,” said Mayor Reed Gusciora. “We need to thank the men and women in our Housing and Economic Development Department for making this auction a reality.”
The moneys will be deposited into the general fund and selling properties puts them back onto the tax rolls. Buyers will have to complete work on the properties, which benefits local contractors and enhances the quality of our neighborhoods.
“This was a great success for our City,” the Mayor added. “…the numbers are looking stronger than we’ve ever seen.” The HED Department, led by Director Ben Delisle, is already looking towards the next auction which is slated to take place sometime in the Spring of 2020.