Peak inside the Reporter's Notebook - Got clarifications, corrections, additional details, please post your comment to this site.
City of Asbury Park Council Mtg August 5, 2009–
Scroll down for meeting notes below.
The following are notes on the City Hall / Main St. Redevelopment Plan proposal submitted by the sole bidder, Acre Properties. I made these notes during tonight's meeting. The plan was discussed in Executive - Private - Session tonight, under the Contract Negotiations exemption of the Open Public Meetings Act. Note: Asbury Radio does not agree that this subject was exempt from public discussion, since the public has a right to observe the government's processes in evaluating this proposal, which is publicly available. There is only one hard copy and no electronic copy of the sole proposal. Call Redevelopment Dir. Don Sammet to arrange to review the proposal at city hall. 732-775-2100.
June 21, 2009
Experience of Team – Case Study: The Ludlow
Phoenix Realty Group, thru its Metropolitan Workforce Housing Fund LLC (The Fund), intends to partner with Acre Properties LLC as a source of equity financing. The fund is managed by Phoenix Housing Partners Northeast LLC, a subsidiary of Phoenix Realty Group, LLC.
The Fund is a private equity real estate fund providing equity financing for the development of workforce housing mixed-use and commercial properties in select major metro areas of NY, NJ, Conn. The fund is capitalized with $299.43 million of capital commitments. Source: institutional investors, large pension funds and insurance companies nationwide.
This is what they have on their plate currently.
The fund as of today has unfunded capital commitments of approx. $254 million. In addition, the fund has a $40 million revolving credit line avail for funding investments. The credit line currently has an unfunded balance of approx $20 million.
The bidders don’t want their financial statements and 2008 annual reports for the fund to be made public. They will supply on a confidential basis.
They have three outstanding capital positions in projects under construction now:
ONE Flatrock Square, Englewood, 75% complete, equity investment
Investment amount - $12,350,000.
Lender Commerce/TD Bank North
Construction loan $39 million/ original date Nov 07, 24 mos w/ two 6 mo. extensions is the term
TWO The Renwick, NY
Equity investment of $11mn
$55,266,972 originally 8/29/07 30 mos, one /6 mo extension
Loan drawn to date Mar 09 $30,124,352.80
East Harlem Ensemble NY
Investment Am’t $3mn.
Washington Mutual Bank
Construction loan $23 Mn
24 mos w/ 2, 6/mo extensions
Loan drawn to date mar/09 $2,320,000 apox.
Description of municipal bldg is TBD – they request option to increase density of Building B and C of up to 12 stories, subject to market conditions and other factors.
Schedule for completion:
Phase 1, 18 mo., Phase 2, 18 mo./ design process about 8 mos., Phase 3, 32 mos. For parking and building construction, Phase 4/ 24 mos. Completion date 2015.
NOTE: The proposal calls for the city complex to be demolished and the government to be moved in 2011, although the new complex is listed for completion in December, 2014. Where will the city be relocated to and who will pay for this cost?
Managing Director Ralph S. Raciti, 212-863-9173
Paul Fried – NJ Development Group will act as construction advisor --
Phase 1 – dev of mixed use retail/ residential building A – Bangs Ave and area facing Main St.
Phase 2 – Development of mixed-use Retail/ Main St. building 4 floors of residential over one floor of at grade retail, parking under center courtyard to second floor theme: “logical, multi-stage construction schedule, and supports a continuous flow of development along Main St.
Phase 3 – Build municipal complex/ situated on a 10,000 sq ft parcel along Springwood Av (only to railroad tracks), creating a presence along east/west corridor. They suggest moving the municipal complex to the West of the railroad, or at least the police station.
Phase 4 – Develop transit station and Gateway Plaza
Their rough estimate, write the bidders (Acre), is likely to exceed $100,000,000, which includes cost of land, buildings and parking, but excludes the cost of building the municipal complex. The bidders are requesting payment in lieu of taxes for non-government buildings to help spur the new development. City is to work collaboratively throughout the financing process. “To the extent that it is economically feasible, we will consider the possibility of reimbursing a portion of the city’s costs,” the bidders say in the proposal.
Financing is to be funded by a SPE (Special Purpose Entity) –
Phoenix Realty Group is responsible for the financing. Redevelopment Counsel Decotiis, FitzPatrick, Cole & Wisler, llp, Engineering and Traffic Consulate Dresdner Robin, Environment Consultant - Enviro-Sciences Inc.
Public Portion – Council present: Susan H, John Loffredo, Bruno/ Kevin Sanders and Mayor Johnson absent.
T.Reidy before open portion – awards for city employees
Public Comment Portion:
Rita Marano – asked what speed sign is for. Eminent Domain should be revisited, courts siding w/ property owners now. She sited parking lots all over city. TR says “parking lots are a temp use.” “All redevelopment plans are designed to be revisited”
City isn’t spending its money in these court cases, says TR and Bruno.
Hazel Samuels - Director of Housing and Community Dev -AP is a model lead safe city – city been designated. 10AM - 12 this Saturday, workshop on lead poisoning prevention. Inviting owner occupants, investors, tenants. If you own should get information save a child from devastation of lead poisoning, consortium is supplying lite breakfast.
Dawn Von Suskill – thank city council, City Atty Fred Raffetto, Don Sammet for writing mural ordinance.
Additional speaker - A good ordinance for the city, nothing in place now to encourage or control murals. Two very exciting projects ready to pounce.
Bill Resnick –
“Why we can’t get hookers off the street?” Embarrassing to guests, grandchildren, same exact girls for 7 yrs. “If you want to have anything in this City you have to at least start with that.” Wouldn’t last for 3 seconds in other towns along the shore. Also geese, making dogs ill/ “Gas the damn things.”
JL – on the prostitution thing.
TR – police dept has been extremely active in addressing prostitution in the city, arrests of prostitutes and johns. But will pass this on to the chief.
BR – says A&J Produce truck is always addressing the prostitutes from the cab, his wife has been stopped walking to the beach, mistaken as prostitute.
Ava Horvath – done wonderful job w/ west side plans, but supposed to include other developers in these plans. Affordable housing committee didn’t want her, would compete w/ interfaith neighbors. Trenton is asking her to put her app before them so they can fund it/
Lou Parisi – VFW AP/ everyday another public official been caught in a sting…no models for young people to emulate. Pleased to read of a local officials interviewed local paper (Coaster) Paper asked Mayor Johnson, how do u meet the challenges that you face Johnson: “I stay focused and realize there are many avenues to take to overcome various obstacles that we face.” ...here we have in Asbury Park a leadership supported by other council members, dept heads, level of confidence and community service unparalleled sorry mayor Johnson or former mayor sanders not here.
Mayor in latin major means the greater/ these men sitting up in front of us today bringing us a vision of a greater ap, given me and vfw, not only competet svc but consideration… on behalf of our veterans providing us a vision of a greater ap (Vagillo writing about Ed Johnson)
Bonita Williams and child-- all who did summer recreation program for 2009 w/out this program my son wdn’t have had nothing to do this summer.”
Denise Hughes – dir. Of summer recreation program / see kids coming back after grown to wk for summer recreation program, thank u to the council, city cannot grow w/out the children.
End of Public portion
Approved July 15th minutes
Ordinance amending the central biz dist redevelopment plan to alter the parking requirement for newly constructed nonresidential space w/in the redevelopment area.
Resolution passed allowing code books to be updated to 2009, make it possible to access all code information over Internet.
Contract change order – installation sidewalks prospect, washington avenues, drainage…
Creation of A public arts committee –
Use of Asbury Partners’ Affordable Housing dollars for Elevator approved for Boxing Ring access/
Post a Comment