Public Auction Notice- Proposed Sale of City-Owned Real Property by Sealed Bid- Receipt of Bids 12-1

The City of Summit is conducting a public auction by sealed bid for the sale of city-owned real property, identified as Block 2706, Lot 1 (406 Broad Street), a portion of Lot 2 (402 Broad Street), Lot 3 (384-392 Broad Street), and Lot 4 (7 Cedar Street) on the municipal tax map. The minimum bid for the property is $4,600,000.00. The sale is a cash transaction with no contingencies and requires a 10% deposit within 5 days of bid award, with the remaining 90% due at closing no later than January 30, 2026. Time is of the essence with respect to these payment dates and the closing date. Bids will be reviewed by the City Council, who reserves the right to accept the highest bid or reject all bids within 14 days after receipt.