Bidders a No-Show at Land Sale

The Borough Council was hoping to net over $600,000 from a land sale tonight, but something got in the way:  lack of bidders.

The property, which sits on Plainfield Avenue, was slated for a new library before voters turned down the plan in 2008.  After the Library Board of Trustees voted to move their facility to Montrose Avenue last month, the Council decided to sell the property to offset extraordinary costs from retirements in this year's budget.

Mayor Charles Butrico opened the bidding during the Council's regular business meeting tonight, but nobody stepped up to bid.  Onlookers blamed the poor economy and struggling real-estate market for the lack of interest.    

In other business, the Council voted to ask the state to allow it to borrow $1.1 million to cover sick and vacation payouts from retirements.  Borough policy allows employees to bank unlimited sick and vacation time and then get paid for it upon retirement.

This year, the Borough is facing the most retirements it's ever seen in one year, with the sick-and-vacation payouts estimated to break the million-dollar mark.  In fact, nearly half a dozen employees have received or will receive payouts topping $100,000.

The borrowing plan would offset these one-time costs with a low-interest loan and spread them over three years.

A new state law signed by Governor Christie last week limits payouts to $15,000, but it does not affect employees already in the system.