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Proposed Scenario for Hammonton Wells Fargo Bank Building Acquisition
Adam Monacelli2024-12-13T14:48:35-05:00News regarding the Hammonton Wells Fargo Bank building acquisition and the Local Property Acquisition Grant Program. The proposed scenario would allow the Town to retain 15% of the grant amount following a sale of the property. Estimated figures listed below. Sale price: $675,000 Minus closing cost to purchase: $25,000 Minus cost to close: $10,000 Minus bond amount repayment: $150,000 Minus repayment of grant: $463,000 Profit to the Town of Hammonton: $27,000 *Anticipated sale price would be approximately $800,000 which would make the total profit higher.* Local Property Acquisition Grant Program information: The Grant Agreement will have a deed restriction to ensure [...]