Showing posts with label bonds. Show all posts
Showing posts with label bonds. Show all posts

Wednesday, January 19, 2011

Calif Town Offers Glimpse of Where Public Debt Can Lead

"California's Potholed city presents view of the Future" writes Richard Waters -
Before tonight's council meeting, please read this Financial Times article about the little town of Vallejo that buckled under the weight of its own overhead and declared bankruptcy.
    Before we sell nearly $3 million in bonds for a senior center and $250,000 for legal fees to fight the waterfront master developer in court, take a look at how we may have to pay for it. The seniors just need a safe, clean place to enjoy themselves. Most wouldn't want the city to plunge into 20 or 30 years of debt to pay for it.

Tuesday, December 7, 2010

City Declares iStar Financial in Default - Gives them 10 Days to Respond

AP City Council Declares iStar Financial in Default on Waterfront


Financier has 10 Days to Respond to Resolution

City Introduces Bond Ordinance for $250,000 Legal War Chest

City’s First Staff Planner Since WRA Prefers Multiple Developer Effort

Welcome to Asbury Radio’s Reporter’s Notebook, where corrections, clarifications, spellings are not only welcome they’re sorely needed!!
Council meeting –

Councilmembers: Sue Henderson, Jimmy Bruno, John Loffredo, Mayor Ed Johnson,

In attendance Pat Fasano, Vince Gifford, Rich and Johna Karpinsky, Arocksy Gokberk


Dec. 7th – special mtg single issue mtg

Two Actions – resolution and bond a ordinance

Glenn Scotland – aprx yr ago istar forclosed on the interests of asbruy partners and took over that interst by virtue of AP’s failure to abide by its interests. At that time…based on rep of istar at that time/ redev com and hastie, Scotland, aaron met w/ istar to determine plans for mvg forward w/ waterfront/ mtgs w/ city mgr reidy to meet w/ sugarman and other reps istar, wkg on ap matter.

As you are aware based on reporting we’ve givn you over the pas tyr very little dev by istar, consertnation on part of all, belief by us and others on dev comm. Dlg w/ istar, city on verge of missing next dev cycle, as a resultthis occurance and various..u asked us to explore whatvever rights city has…toward that edn w/ mr aaron prepared resolution, which declares istar in default on its agreement of oct 2002,

Tk certain steps to resolve…resolutions has where as clauses estb history of dev ap from execu amened extended rev agreement to various sub dev brought to table by apartners, where we are in …in accord w/ redev and hsg law and plan

First fault mentioned is 6th av reopening default, first set under redev agreement, master dev thru istar has indicated it is unwilling or unable to acquire prop to effect 6th ave ereope due to cost of the propery. That’s a mat’l default. Not subject to ? under terms of agreement
Infrastructure default is second – 2 components. Infrastructure incomplete by partners, signif deficiencies, not demons ability to cure or correct those deficiencies, not satisfied,

Phase 2, 3, 4, infrastructure needs to be completed on wtrfrnt/ hrd repeatedly cost of completing is something istar or apners capapbe of doing, that wd be default of agreement/ abandonment default, various components to that, reflects failure of dev to carry forth eminent domain proceedings, been in process, city was directed to terminate and other ED proceedings not initiated. Had effect of holding certain prop owners captive to agreemtn / also prop hv been acquired, after w/in 12 mos must design subdev to commence…not happened/ also to acquire prop it had right to acquire/ constitutes abandonment of project and something not subject to cure.

Last of defaults relates to obligations to partic in plan amendments to affect plan on waterfront, 1 yr to 10mos ago sammett tried to plan recognize what going on in economic financial community, recog those changes submit modif to the plan for comment by istar, none made, they had obligation to wk in good faith w/ city, in modifying amending plan to wk w/ city.

Resolution w/ req add’l info as to discovery / resolutions set forth, authorize attys to proceed effecting terms of res, for city to exercise its rights under terms of this agreement

Mayor –‘

2 sections – u said not subj to cure, cd u elaborate.

Redev agreement contains arbitration provision, for disputes under an agreementin event of a default cd tech fall w/in…arbitration only mks sense in cases where capable of cure/ in res they’re not subj to cure so arbitration wd not be appropriate. Comments hv not been substantive, nor productive/

No other comments from council –

Resolution is read by Clerk/ declaring iStar/Asbury Partners in default

Aaron adds –Wants to point out the cooperation between your litigation and redev counsel - 100% in lockstep/ at direction of council and recommendation of…this action is being taken becz of city of Asbury park’s action to move the city along, any dev out there who wants to come into /…so when economic cycle returns / history says during 01 and 04 too much time wasted in litigation/ apprg what was done in 2000… city doesn’t want or need to be its enemy/ city is saying it is prepared and willing and able to do what it has to for the people of Asbury Park

Bruno – we hv watrfrnto desperate for redev, we hav to catch the next redev wave, if not get out of our way, have to be ready have to move forward…people who’ve been held back from revnues.

Henderson – not taken far enough so I’m supporting this

Loffredo – people who wanted to take action months ago, we negotiated in good faith, had our cards on the table jst not enough.

Mayor – not about going after spec company or individual, our business owners hv waited, waited and waited some more, the time has come… All YES

Bond Counsel – Glenn Scotland –

Taken certain $250k / authorize bonds to pay costs thereof, under redev hsg law for redev expenditures related to advancing redevelopment activities, litigation, arbitration, This bond ordinance will be less costly, he said, because redevelopment base puts it under the State’s local redevelopment and housing law, which means the city won’t pay the usual 5% down payment to borrow. entire am’t…? inaudible
   [Scotland said later that the legal costs of floating the loan would probably come to no more than $1200. Scotland said the City had to secure the financing so that it can be sure it's able to support its contractual interests through legal means.The City is dependent on Asbury Partners, now iStar, for payments on other bonds taken out to fund projects the developer was responsible for. Scotland said to the best of his knowledge iStar is up to date on those payments.]

All yes

Public Portion

Donna Rendeiro – Dir of Community Planning for NJ Redevelopment Authority (in but not of the DCA (Dept of Community Affairs) We’re here to support Dir of Community Planning, tech assistance, with Tom Neff, Dir local assistance, now is the time and here to help any way we can

Topek, Stan – Adriatic – bought business 12 yrs before dev started in AP, like to know how to get a ltr to be carved out so can prove I’m out of this business/ I cd hv sold 10 times, need ltr from city so if I sell my bus can sell to someone else to mk success in AP/ time to retire after 45 yrs in business in AP/ I’m freed to sell

Fasano, Pat – 1001 Grand, a downtown developer

I went on iStar’s website today -  can’t come up w/$500k? -  Site said company has $1.12billion in unrestricted cash /iStar repurchased $1.1mn shares of its own stock, IT had a $1bn loan that balloons in june, so they repaid it off in cash/YET they had to ask me for money to knock down the boarded up houses in AP. They said they couldn't afford $? to knock down some boarded houses.
David Benson –back in jun of 08 flood destroyed bldg. istar pulled our permits and issued… that we didn’t hav right to permits, 2 yrs prob and $100k in legal bills later, we’ve gutted building, redone, they totally blew us off, we’re lkg for now that istar is going by wayside, we’d like to attribute back to city a good building that can///unless we hv to go thru qualifying to be a sub redev/

Rita – jst last week knocked down 4 houses and a church/ how do we let them do that when they were going to do this? This has been going on. You hav to stop knocking down properties/ eventually was the demo guy’s answer/ who ever heard of knocking down a church?

Why are you issuing them permits to knock down properties when you know what state they’re in?

Reidy – city doesn’t hv right to say can’t knock down property. First I agree w/ you.

Bruno- I woulda done it.

Reidy – there’s a difference between the legal right and what you can speculate

Rich Karpinksi - thank you for finally doing the right thing / dragged us all along developers, contractors, realtors

Owners, tax payers, deeming APners in default – does that mean city can take back all redevel rights, what does that mean?

Reidy – process, first is to issue letter, then 10 day period as per agreement istar has to respond, say respond in way doesn’t meet city’s concerns, that’s when legal action begins for istar to step up or city take or sue for its redev rights/ this is first step for process to begin/ what is status of prop in redev zone/ we’re supposed to be moved, Samantha garvis says doesn’t hv the money/ tk away redev rights/ that’s what needs to be done/

Reidy – anytime iStar can come back to table/ lot of allies to this/ properties istar doesn’t own, like Stanley can give him ..

Mayor – not intention of council to create another drawn out process, we‘d rather hurry and get on with it

Rich – It’s time to cut these guys off/

George Kary 207 6th av

In ref to infrastructure, bad shape, been that way 20 yrs, what’s timetable, who will pay?

Reidy -

Councilman Bruno has talked about same issue for lst sev’l mons. Trugh is don’t hv a date/ we hv to get our hse in order in terms of dev

We decide how to spend our tax dollars/ we don’t wnt to spend ours on respon of dev/ if city ends up w/ dev rights that would provide money to make those improvements.

Adjourned.

Don Sammet (Reidy announced Sammet was going to explain the status now of land owners, but another member of the public wanted to speak and Sammet never took the mic.)- Sammet later told Asbury Radio that people like George Kary and his mother who own two houses between them in the redevelopment zone and Stanley Topek who owns the Adriatic Restaurant in the zone are still subject to the elements of the plan in place - including eminent domain. “The redevelopment plan and agreement are still in force as adopted. This is an attempt to effectuate change. Plan is still in place.” The actual waterfront plan needs to be amended and one of those issues is taking properties off eminent domain, he said. Asked if the City would amend the plan to reflect resident interests and desires or wait until another developer is found and amend the plan to satisfy it, Sammet said, “A developer? I wouldn’t recommend that.” Sammet, who was hired after the plan and original agreement were adopted, will get his first opportunity to leave his mark on a revised or replaced plan. And Sammet’s desire is for the city not developers to amend the plan and contract with multiple – not a single – developer.

Wednesday, October 6, 2010

Reporter's Notebook October 6, 2010

Councilmember James Bruno: It’s the Beginning of the End of Public Works
Asbury Park City Council Meeting October 6, 2010


Welcome to Asbury Radio’s Reporter’s Notebook, the words of this council meeting as fast as I could get them into this laptop.


Corrections, additions, clarifications encouraged and appreciated.


AsburyRadio@aol.com

In attendance:


Susan Henderson, John Loffredo, Ed Johnson, Kevin Sanders, James Bruno – all present


Kiki Tomek for absent City Clerk, Steve Kay


Workshop – Begins 6:20 pm


Combining Public Works and Engineering depts..


By ordinance
Infrastructure on one side, Sewer on the other, and engineering on its own.


City Manager Terry Reidy did this in Morristown and worked very well, he says.
City to transfer respon for issuing merchantile licenses to code enforcement – city atty, Fred Raffetto, informs council that move can't be done as reorganization - moving merc to code - has to follow a process whereby the city clerk orders the change to his or her designee, in this case code enforcement. So this w/ hav to be redone.

Don Sammet – planner/redev director/ planning bd sub committee to lk at applications to make things smoother than full bd initial app’l. Resolution to be introduced.


SH: applicant brings in professional


DS – yes, qualified professional/ PB setting up sound engineer // escrow amount


Assist. City Mgr: James Famularo – scattered sites dev. Spkg to council as hands out lit/ 16 properties need to be removed…9 properties not avail for rehab/ third item??


Mayor – these are all abandoned prop?


JF – abandoned, eyesores, [Not clear what just took plc here.]

317 6th av req for pkg space – recommended to council…


TR – eleonor karmachian requested handicap spot


JL – But they have a pkg lot?


JB – 3 spots, there’s room


TR – why don’t we tk a lk and bring it bk to gov body


JB – why not approve it and if alrdy a spot on prop then remove it


There’s 2 handicapped people in that bldg


TR – pop expanded after site plan app’l


JL – ok lets giv them the space/ how many do we giv anyway?


City Engineer Brian Grant – 25 or less u get 1


JL – what if person moves out?


TR – when fnd no longer needed we hv taken back.


Spec Event Applications


Tom Gilmour – proclamation for person helping w/ musical heritage


Flea mkt, city hall lot 10/16 – Monmouth Cty Bd of Health, Sunset Pk, 10/23


Triumphant life church, harvest fest, Langford st, 10/31, Brickwall, outdr Fest Kennedy Pk, 11/7 – Rotary Club of AP, Polar Plunge, 1/29/11, Jersey Shore Running club, bdwk, 4/16/11, Jennifer Mazza, Wedding, 6th Av, 6/30/11


Cotillian – requesting dates/



Matters from CtyCouncil


JL – Columbus w/ be landing Sunday at 1 pm


EJ – recogn October as breast cancer month/ council wearing pink to raise awareness. EJ affected his step mother and friends/


One item from closed session – action on resolution app amendment to redev agreement, Cookman LLC concerning the 500 blk of Cookman


Public comment –


Tee Lesinski – proper tremtm of storm drains during construction/ nobody doing anything about it and I’m upset.


Traps s/be set at inlets to be sure constr mat’l doesn’t reach the lakes, [see guidelines available from Lesinski.] None of this is being done. DOT regs outline also. Environmental Justice policies apply as well. Been here 26 yrs, horrible, I’m embarrassed [Applause]


Adrienne Sanders – for AP / Neptune NAACP –street implementation – conditions - absolutely unacceptable, numerous complaints owners and residents on west side/ WestSideCCenter, no concern re community or businesses //city official to eddie’s barber shop on Lake Ave, needed police report for insurance co – w/ give name to city mgr, cd be perceived as a threat, code enforcement be sent to your bizness/ I perceive as threat, I’m not going to take none of that lightly. Totally unacceptable that that is going on on west side of town


Rev Bradley, Alliance of Ministers – we’re more than concerned, aggravated, grid lock, parishoners don’t have access to churches, no direction over there/ dust, shutting off of water w/out notice of residents or businesses, it’s mismanagement, now you’ve awakened some churches oer there that had been silent/ not sleeping now because aggravated. U owe us explantation why not let res and businesses know what’s goin on. When threaten biz owner bring down code enforment because bring concerns to you about something aggravated the residents. Down DeWitt ave construction pipes stacked, no regard safety of children or how they get to school. Senior citizens, no regard, mismanagmetn, no concern for citizens of west side. We’re not here to service you…


Kevin Jones, resident West Side – Agrees it’s a shame. Wasn’t no one selected except one or two on west side, first supposed to be a union job, now a community j0b, now don’t see more than 1 or 2/ doing street half way, streets not leveled out/ contractors not qualified to do the work…


Anna Neil – resident springwood ave, student, shame to be a resident, live near 611 store, raccoons etc, nesting in pipes, workers of Lucas unprofessional drinking alcohol while operating heavy machinery/ hey baby show me your tits to 11 and 12 yr old school girls/ notice for water shutoff today less than 5 mins. , if no emergency/ by law 24 hr notice/ debris from workers, knives, glass, conditions unsafe/ water co defers to city/ seems no one in charg of this project/ common sense says shd’ve been done by sections instead of direct through to Rt 35/ w/ this take a class action lawsuit?


Valerie Roberts-- co owner of Eddie’s Barber shop – my biz not informed about when construction was due to start/ contaminated dirt, piping on side of avenue, customers no entrance access, handicapped can’t enter, water’s been cut off, Saturday businest day, then constr showed up. Survived riots but don’t know if can survive this…garbage men cden’t even get down borden and dewitt to pk up garbage. Need something be done allow me to stay on WSide.


Doris Kelly – West Side – 25 big pipes in front of hse, I hv to go to dialysis at 5 am, ease ar’d if not something come ar’d and hit your head off, mice are here/ Kids going to get hurt on them/ can’t find no place else to put em? I do not feel safe anymore. Trucks come and you’re choking. Can’t get across street w/ walker, due to rocks/ rains puddle up to dr. Need do something and do it qk. This getting ridiculous.


Johnny Simonik – alleyways between 4th and 5th ave, dilemma since may, roofing mat’ls dumped since last may/ collecting leaves/ supv said know they’re there, alleyway is his job to surveil…told that’s going to cost taxpayer dollars, not a recyclable item/ alley ways treated like stepsisters. In order to get leaves picked up in alleyways hv to find the right dept to report.


JL: which part of alleyway?


Between Comstock and…


Myra Campbell: I go thru WS on wkly basis, detour signs there and young men directing traffic, so I’ll give you just due for that.


I take add’l pictures each wk go out/ 28 drums in front of Ms Kelly’s door step…large drums, needed corrective actions/ schedule and names of streets to be completed…Avenue A is on list 7 times, but last layer of asphalt w/ not be completed until next yr/ grades…manhole covers two inches above the grade, police consider giving tikst when u swerve to avoid. Address health concerns, centralized staging areas, eliminate stone grinding in residential areas, drain gravel going into/ thank you mayor Johnson, last yr called city bez of snow removal, was told ice w/ break the blades/ what w/ happen this yr when blades hit unfinished roadbeds.


Lack of accountability, poor coord w/ untilitys. Fact finding homewk, if city officials not accountable hold them accountable. Personally witnessed hvy equi’t on dewitt taking up the road surface/ proposed completion dates for all streets. Applause


Todd Bergman – still live on 4th avenue speedway. Don’t know why hv no speedbumps/ Stretch of Dunlewy not done last time/ pavment real bad shape, storm drain bad sape end of street, grabs tie as pull into driveway…Market Mission prying its way back into AP, for them to come in here and put 28 homeless people out during day, no plc to go in cold, no sanitation facilities, they’ll stay here after 10 days are up/ are you involved in fighting decision or up to zoning bd


Appelate crt remanded to zoning bd not the city/ legally, tech, zoning bd has responsibility to set up operating guidelines


TB: wd that include activieities during day


TR – yes.


TB: unlicensed and wanting to run drug rehab program, don’t see they plan to do, but if so mst be licensed by state/ concern mst hv is 20 odd people roaming ar’d ap…


Henry Vaccaro – ocean but office on Mattison Av, seeing probs hvg w/ infrastructure wk think I can help/ free of chrg to be liaison between city and community on concernsw/ contractor, they’re reputable firm, done biz with in past, wd like to offer my svcs, giv something back to community.

Julie…13 Eliz Av, at Mattison


Truck arr’d at location and unloaded pipes that ran across street, so school buses cdn’t get by / she had to call city, city rep did come down, fnd contractors were out of line shdn’t hv been unloading there/ tk pipes and stacked them at deadend prt of street/ large pop of little children climbing up on them/ pipes not secured enuf for kids to climb/ pls sometone come down and view the situation, mk sure pipes won’t be in the st. so we can drive our cars up and down, church at heck and atkins blocked, too. Took papers to be signed asking for as much, she brought them to council
12 15 sprngwood av, feel like I hv to call 1 800 law, suffer bronchitis, dust from roadbed, tired of going to hosp every night for trtments. All strs ar’d me can’t get in/ grandchiclen w/ asthma. Nobody’s doing their job. Why other side of Asbury done so fast and easy…why we hav to be here tonight to tell u this…kids out of her bldg playing on the pipes.


Dwayne Smalls – contractor, AP, when we start characterizing as “these people” watch yourself. Asbury doesn’t just belong to Stand Up Asbury, watch when you characterize people/ Lucas totally disrespecting our communities – our children and our elderly/ project needs to be shut down until they comply…how many of us getting some of that $15mn? How are we gonna survive? Taking the money out of here to Lacey Twp… if them sewer pipes not moved to’w hv to sue this city (applause) never seen a pile of dirt across from people like it is now, like Afghanistan, not in front of your houses…


Rita Marano – 8th av – I noticed they knocked a big apt house down on 8th av, nothing wrong with it. we’ll lose $68,000 in ratables / tax rate w/ be 522? More next yr if they keep kno9cking down all these propeties, putting up pkg lots that wasn’t in their contract, how many ratables we going to lose? We lost (missed $ am’t) last yr… 29c increase is a big increase/ journalism is dead in AP – applause – Baronet knocked down/ knock down Sewal Av now, we’ve got to get the taxes on those buildings, s/ be told hv to still pay taxes on them. Expenditures to recreation dept, don’t think they realize no money… no one in city hall today/ cd

EJ – we cd spend rest of evening in a defensive mode answering back, but what I’d like to do is get together and fig out what actions take place tonight and t’w morning. We need to be on the street, I hv 3 pgs of notes on what said tonight. Do right thing by answering and remedying all of those things.

TR – Ms. Sanders you’re going to giv me name of person who threatened code enforce…I want that. If anyone witnesses that, totally unacceptable. Garbage not picked up, no one has to wait, get me the address,no one needs to wait… need to get out in the community and take care of all these issues. Someone threatened in my city by someone wh is a city employee, witness that pls call me immediately…


Intention of this project is to support the west side, hearing what you’re saying onight we really need to address these issues.


End of public portion –


Appv minutes 9/7/10 mtg – Henderson abstained, all others yes


$1, 512,600.50 app’d expenditures – bill resol $3million plus, appr’vd


Workwer comp 9/9 to 9/15 $46,400. $38k and $58k for two subsequent periods


Pocket license appr’d –


Raffle Mt. Carmel PTA, yes


SICA Raffle license – all y


Brick Wall – all yes


Catering permit – Carousel – all yes


7 spec events – all yes


No Appts


Resolution – MoU w/ bd of ed and APPD – 2 f/T officers for schools


Emergency approp’s, arb awards above 2010 budget - $384,635. on top of those passed by resolution:


Urban removal LLC – Sackman enterprises –


CBD redv plan – directing PBd take actions/


Ordinances for introduction - $347, 635, resulting from retirement of city employees. Publ hearing October 10th??


Deleting various depts. Of city, changing structure of public wks & engineering dept. JB personal opinion is beginning of the end to pub wks dept as we know it/ jst see this as the beginning of the end/ w/ be saying more at public hrg.


TR – think everyone needs to undderstandway gov’t is funded today/ rita’s pt about the tax rate, etc./ this is the beginning of the end of the way biz is conducted in gov’t, the model of go’t hv to day is not sustainable, can’t run 12/13Mn deficit every yr and expect state to bail us out /need to do bisness smarter, so reductions won’t cost citizens/ initially w/ save 1/4mn dollars/ that’s not the primary purpose though, reorganizaing allows us to do biz, contacts consultants and contractors wd do we can do inhse/ comparison contract wanted a million, we did inhse for $100k. Terms of svcs we supply… not jst so we can elim 7 positions or things like that…plan to meet w/ empoyees bef end of yr to rethink everyitng we do. Wd be disingenuous of me to say things w/ be the same in pw. Offer add’l trng for our employees/


SH – Change is a scary thing…no one likes change/ I know asked terry when came on bd, why isn’t this one doing this.. some times it was because persons weren’t trained on certain jobs


JB – w/ we hv money for summer wkrs next yr?


TR – I don’t know/ happening in every dept in the city/ police / fire / PWks/ when we do this merge, emp w/ be given opp to suggest changes/ lot wnt to know if w/ get training/ my philos is not bumping people off, it’s to save as much as possible.


Merge all yes except Bruno, no.

Alcohol sale hours / now up to 2 am/ can stay until 2:30 to finish drink/ prev. not allowed on Sun AM. [???? not sure what was prev and what is new]


Easement – springwood pk and recreation area/ Ord is part of deve plan / lots are to become a pk, city applied to cty for grant funds for pk/ so the city needs easement, to ensure prop w/ be used as pk forever/ in perpetuity.

Ed Young – why is area being made into park. Is that the best use?
TR – summarizes the two yr process for the West Side redevelopment plan.


EY – Thank you, I didn’t realize it was a two yr process.

? Shabazz - Is there space for parks? Atkins and Union doesn’t seem adequate for a prk.


TR: is there a min. area? No, when dev a plan can design w/ space u hv avail. Feedbak from comm. Was this area determined to be a decent size? Yes.


Plan has been adopted, to change it, planning board hv to review it, public hrgs, gov body wd hv to amend the plan.

DS – spngwd and atkins, prior was dry cleaning facility so possibility of contamination on the site. On other corner, Brilliant Lewis is going to investigate and give report on condisiton/ Applying max grant $250k to actually bld out the site. Tough to give timelines.

Resident ques: City has title?


DS – yes, city has been deeded all prop. We own it.

To change use of green acres land, yu hv to have 4 to 1 acres to replc it.






DS:


Move to adopt ordinance/ Henderson y, sanders no, Johnson and loffredo ye.






Madison Asbury retial city vacate Wesley grove phase 2 /


Marano – what street


St james bet cookman and, sewell too.


DS: Not paying for them because current agreement does not allow for it/


Jim Henry – what is city getting in return for those streets


DS: City w/ get taxes on the land


FR: and it was stipulated in the WRA.


All yes on vacate ordinance.






Bond ordinance nov 4 2009 – amend description of project/


TR: orig adopted language was use money for police substation in senior ctr sprngwd ave, this adds that language to the ordinance/ no comment on the ordiance, move to adopt


All yes –






Bond Ordinance funding refunding all or a portion of bond issue from Dec 1, 1995 $2,215mn $160k refunding bonds for financing bonding was done thru Monmouth county improvement authority –cty lks for oopp to refinan bonds and save money, part of a much larger issue/ ea muni mst pass its own ord, our share of the refunding ord for // we’ll save $70k off bond ordinance, our share of the county’s savings/


Passed all yes/


Nov 3 2008 – ordinance salvation army bldg, owned by teischer grp, decision by appellate said buldgn really is in redev. Zone/ fronts on 5th ave/ does not include those 2 homes on 5th which are also w/in the WR zone – they continue to be outside the redevelopment/


Marano – that could’ve been blt already.. only one mkg money in this situation are the attys.


Easements on lake ave rear of 500 blk of cookman avenue, Sakman Enterprises. This was already app’d by PBd. All yes – Bruno is left before the ordinances were read.


RCA bids for Elizabeth Ave app’d.


Meeting Adjourned.



Thursday, March 25, 2010

AP Could Have Biggest Tax Hike in County

According to a projection in today's Asbury Park Press, taxpayers could encounter a $939 tax hike if the governor's cuts to aid to cities are made up by the City of Asbury Park through tax increases.
Meanwhile, the city may want to reconsider any recent bond approvals like the one it passed to help the city qualify for a stimulus grant, which I understand the city didn't get. (Our application was rated 52 and cut off was 50?)
I'm checking with our bond counsel now to see if there are any pending debt issues we can either cancel or bonds we can recall. Will let you know what I hear.
To read about previous bond issues and anticipation notes, enter the blog and enter bond in the search box.