For Immediate Release: May 30, 2014 MAYOR PALMIERI ANNOUNCES $465,000 IN REVENUE GENERATED FROM CITY OF UTICA’S PROPERTY AUCTION Mayor Robert Palmieri today announced the City’s property auction held on May 28th generated $465,000 in revenue for the City. In total, fifteen properties that were available for auction were sold to the highest bidders, with two of the properties being vacant lots and the other properties homes. One vacant lot did not sell and is still available. The selling of these properties not only brings in revenue for the City, but also puts property back on the tax rolls. Specifically, this auction puts $747,500 in assessed property value back onto the tax rolls, providing over a $1 million positive impact for the City. “I am pleased with the results from last night’s auction,” Mayor Palmieri said. “I commend my staff for coordinating and successfully marketing this auction. Anytime we can sell city owned land to private investors it is advantageous for the City, both in the short and long term.” Below is a breakdown of what each property was sold for. LOCATION ASSESSMENT FINAL BID ARCADIA Ave - Lot 1,400 0 ARNOLD Ave - Lot 10,000 750 8 10 AVERY Pl 45,000 67,000 7 AVERY Pl 48,200 23,000 1414 BURRSTONE 49,000 26,000 11 Deerfield Dr. E 68,000 72,300 *456 Deland Dr.* 56,000 36,000 6 DOMINICA Ct 58,400 44,000 328 GILBERT St 39,700 27,000 1618 HARRISON Ave 51,000 43,000 1239 KOSSUTH Ave 53,000 31,000 *1545 MOHAWK St* 47,400 72,600 NOB Rd - Lot 7,800 750 41 POND Ln (fire) 105,000 20,600 15 SHERMAN Pl 33,200 20,000 *529 WOODHAVEN 75,800 31,000 TOTALS $747,500 $465,000 All the money generated from the auction will go to the City’s general fund
Posted on: Fri, 30 May 2014 13:58:56 +0000
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