Star Ledger: Suits target lots sold on the cheap in Newark
When the market cooled, some developers sat on their lots, city officials charge, and engaged in land speculation, which is prohibited in redevelopment contracts. Most contracts call for developers to build within 18 months of purchase.
Booker, who has long criticized the discounted land deals, is expected to unveil a new policy today for the sale of city-owned land, which would eliminate discounted prices unless it benefits the city.
Some of the developers said the lawsuits took them by surprise.
City Hall begins the process of bringing developers to task for not meeting their development commitments and land speculation. Tamika Reilly, who has been indicted on federal charges in conspiring with Sharpe James on shady land deals, owns one of the companies being sued.
The Daily Newarker 