JMF has agreed to pay $1.25 million for the land under the Post Office provided that Township agrees to pay for demolition, remediation of all environmental issues, and provide a tax break in the form of a PILOT. On closing day the net profit to the Town will be no more than $679,000.
That sale price is based on an appraisal that will be nearly 18 months old when this deal is signed. But look at the market trend since then–41% of home sales this year have been over asking price!
This does not add up. Mayor DeLuca proposes to sell this site for less than a typical home in Maplewood!?