CHEMED to Purchase $26 Million Lot From LIC on Airport Road.  For a planned medical village 

At its meeting today, the Lakewood Industrial Commission approved the sale of approximately 60 acres at Lakewood Airport to CHEMED for $26 million.

The land, located on Airport Road off Cedarbridge ave and across the exit to the GSP identified as part of Lot 242 in Block 1160, measures approximately 60 acres.

According to the resolution the sale is intended to expand business activity, increase the tax base, and support community medical services. The property value was based on two appraisals reviewed by the Federal Aviation Administration, and the agreement requires CHEMED to develop the site within 10 years or the land can revert back to the LIC.

The parcel was transferred from Lakewood Township ownership to the Lakewood Industrial Commission for $1 in 2018. Under the current structure, once the LIC takes ownership of township property, proceeds from future sales go into LIC accounts rather than directly back to Lakewood municipal government or the Board of Education, meaning revenue of 26 million won't necessarily down property taxes.

What the $26 million from this sale will ultimately be used for remains unclear.

The parcel sits along the runway of the Lakewood airport.