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Asset Sales / Development Opportunities

PROCEDURE FOR LAND PURCHASE FROM AUTHORITY - REVISED SEPT. 20, 2016

The following procedure shall be utilized by the Redevelopment Authority of Luzerne County when selling Authority owned properties:

Sale of property owned by the LCRA will be facilitated by an orderly sequence of steps initiated with a formal letter to the Authority from the prospective buyer identifying the property and its potential use.

The Board of Directors of the LCRA will consider all such requests in a timely manner.  Should the Board of Directors determine by majority vote that a prospective sale would be in the best interest of the citizens of Luzerne County, it will require that the prospective buyer provide the Authority with a metes and bounds description and survey map from a licensed surveyor.  Costs incurred for securing this information will be the responsibility of the prospective buyer.

After receiving and reviewing the metes and bounds description and survey map, the Authority will obtain an appraisal of the property's value from a licensed appraiser.  Costs incurred by the Authority in securing the appraosal will be included in the final sale price of the property.

An agreement of sale outlining price of property,appraisal cost, Authority's legal fees, and administrative costs (usually 10% of property price) will be prepared.

If all parties are in agreement, a release of mortgage will be requested from the County and a closing will be held at the office of the Solicitor of the LCRA.  All closing costs will be the responsibility of the buyer.

At their discretion, the Board of Directors may elect to publicly advertise a prospective sale for a period of 30 days, during which time, bids of at least 110% of the appraised value will be accepted.  If more than one bid is received, anauction will be held.  10% bid bond or certified check will be required of all bidders.  In the event that only one acceptable bid is received, that bidder will effectively be awarded the right to purchase property.  In the event of an auction, the right to purchase property will go to the highest bidder.

 

Luzerne County Rail Corporation

  • Luzerne County Rail Corporation has unimproved, rail-served sites at its Ashley Rail Yards and Avoca Rail Yards available for development. Both sites have Pennsylvania KOZ tax abatement designations until 2017. Other non-strategic land also may be available for lease or sale. Those interested in learning more about development opportunities or land acquisition, contact Jim Raffa, Luzerne Susquehanna Railway, Co., 25 Delphine Street, Owego, New York, 13827 607-687-6992 or jraffa@ptd.net.

 

http://www.lsry.net/

 

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