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>Village Council Pays In Excess of Assessed Value for Schedler Property

>On Wednesday, July 8, Village Council members unanimously approved purchase of the Schedler tract for $2.7 million.

Current assessed value for the property is $2,597,500.

The $102,500 “over assessed value” payment equates to a 4% premium.

Negotiator for the Village Council was Village Attorney Matthew S. Rogers. The Schedler family’s negotiator was former Village Council Member David Repetto, of the law firm Harwood Lloyd in Hackensack.

The parcel, located at the intersection of West Saddle River Road and Route 17, will be added to the Village’s open space inventory. At some point in the future, it will likely be converted to athletic playing fields.

Does anyone else other than The Fly feel that paying more than assessed value in a sluggish real estate market was jut plain stupid?

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