Gloucester City News Headlines for Feb. 5th
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Gloucester City Spends $5 Million to Purchase Waterfront Property

The City of Gloucester City has settled the condemnation case with Amspec Chemical Corporation concerning the value of the 22-acre parcel between the Delaware River and Water Street.

The settlement, reached as a jury was about to be selected, valued the property at $5 million as of December 15, 2005, the date on which the City had taken possession of the land.

The City had previously deposited $1.68 million with the court, and will now pay Amspec an additional $550,000.

The remaining balance of approximately $2.77 million will be held until the property’s environmental issues are resolved. The property must be cleaned up at Amspec’s cost.

The issue for trial was the value of the property. The City had obtained an appraisal valuing the property at $1.6 million as an industrial use.

Amspec’s appraisal valued the land at $11.3 million as a residential use. In 2005 the City’s tax assessment valued the property at approximately $7 million.

The settlement is a compromise of the parties’ respective positions, recognizing the strengths and weaknesses of the arguments and the inherent risk of a jury trial.

“At the end of this, the City will have 22 acres on the river, cleaned up and ready for development” Mayor William James said. “This has been a long process, and we are still years away from completion, but this is a big step forward.”

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