Here's a thought: what if the third appraisal comes in high, let's say $2.5 mm. From what I've heard, the 3rd appraisal's decision is FINAL. Is Asbury Partners REQUIRED to pay it, or can they back out? If required to pay, they could then threaten bankruptcy, hold up the entire redevelopment & try to negotiate down. If they are not required, can the city sell that parcel to a subdeveloper directly, and not have to pay a markup to the middleman, Asbury Partners?
I wish I had a camera on Wed to take a picture of the grimace on Larry F's face when Dan was throwing out numbers. It looks like he's not very good at poker & I think the residents have called his hand. --- In AsburyPark@yahoogroups.com, "Joe Dandrea" <[EMAIL PROTECTED]> wrote: > On Mon, 20 Dec 2004 17:33:58 -050 > > > The price could RISE or it could FALL... it's all in the > ordinance whereby both parties have agreed to a third > apraiser who's decision will be final. So hopefully the > third appraiser will strike a higher price. But they might > also strike a price that's lower then $400K and then, as > it regards a tax increase, we'll be in the same boat we'd > be in if the sale didn't happen before the end of 2004. > (there is some protection here in that if the final price > is less then $400K the city won't have to shell out any > cash, but rather will have to take a hit on future revenue > from "additional rent on the pavilion properties." > Convoluted? You bet! > > ~joe ------------------------ Yahoo! Groups Sponsor --------------------~--> $4.98 domain names from Yahoo!. Register anything. http://us.click.yahoo.com/Q7_YsB/neXJAA/yQLSAA/Y2tolB/TM --------------------------------------------------------------------~-> Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
