Newark, NJ – Mayor Wants To Reclaim City Land Sold at Below-Market Prices.

Newark, NJ – Newark Mayor Cory Booker wants the city to reclaim land sold to developers during the past seven years at below-market prices.

City lawyers have sent letters to developers who haven’t starting construction on the lots to notify them the city wants the land back, The Star-Ledger of Newark reported for today’s newspapers.

Booker told the newspaper the developers enjoyed “”cozy relationships” with former Mayor Sharpe James and “have been sitting on the properties for years.”

During James’ administration, more than 5,000 city lots were sold at below-market prices, sparking a federal inquiry into the sales. James recently told The Associated Press he cannot be blamed for the deals since they were approved by the city council. Booker served on the council from 1998 to 2002.

City lawyers sent letters to 32 builders who haven’t built, notifying them, “Your purchase of the property was for the purpose of redevelopment and not for speculation in land holding. The City of Newark has elected to invoke the full range of remedies available to it under the agreement, including but not limited to the reacquisition of title.”

Booker said he’s finalizing a new policy that will feature putting city-owned land up for public bid. [ap]