The Lofreddo letter in the Coaster is a little hard to understand. None of the
listed items can possibly have anything to do with the valuation of the
triangle property. The property's value cannot drop because of unrelated
aspects of the redevelopment agreement. And, all of the items listed were
already setoffs on the original purchase agreement. In any event, the listed
items have nothing to do with the value of the property. If the property is
going to be sold with a setoff and so at a reduced value, you still have to set
the value the property based on 100% of actual value and then apply the setoff.
Also, I don't believe that Asbury Partners is not entitled to one more cent
from the City. Isn't it enough that the present residents of Asbury Park will
be paying for the services of the redevelopment residents for at least 10 years
through the tax abatement? And, haven't they received immensely valuable
property for a relatively small amount of cash? Really, the City simply can't
afford the present firesale.
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