Bidders Don't Bite on $70M Share of AP Waterfront

iStar started the bid with an offer of $10,000, but no one joined it. See APP story online.

Note: the dateline on the Press' story was Asbury Park. Apparently the Press did not send a reporter to cover the auction yesterday. The only sources quoted were City Manager Terry Reidy and Council member James Bruno. Brian Grant, the City's engineer, and Don Sammet, the City's redevelopment director were present, but no legal counsel for the city. City officials said today that Amsel Fusco was there from Madison Marquette; two people represented iStar Financial, Samantha Garvus and Zeke Faham. It was all over in ten minutes, an official said.
No one from iStar was quoted in the Press report.
Today, the City met in private / executive session to discuss iStar.
The City held the meeting under the Sunshine Law's provision for "Contract Negotiations", an exemption mostly intended to cover deliberations by governing bodies prior to union negotiations. The reason the law exempts under this category is so that the government's opposing party won't know what strategy it intends to use. Or, for example, so arbitration principals won't know what level pay rise, let's say, the government would find acceptable.

Also in private, the City was scheduled to discuss Madison Marquette, also under "contract negotiations". It is unclear whether the City has a contract with Madison Marquette, which has an LLC with Asbury Partners.
See tonight's (December 16) city council meeting notes on this site.