Thursday, 07 August 2014 19:49
Court sides with Merchantville in eminent domain dispute Featured
The state Supreme Court ruled Thursday that Merchantville officials acted properly in acquiring a rundown apartment building through eminent domain. In a 5-0 decision, the High Court said state law required the borough to negotiate only with the owner of record of the former Wellwood Manor
complex on the 600 block of West Maple Avenue. A Texas firm that planned to buy the 54-unit complex at a sheriff’s sale argued it should have been included in the condemnation process.
The Texas firm, LB-RPR REO Holdings, held a $1 million lien on the Tudor-style complex and had made substantial repairs in anticipation of a turnaround effort. The borough paid $270,000 for the site, saying that was its assessed value. http://on.cpsj.com/1sCqmpr
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