John Loffredo,
Attached two recent contributions to Yahoo's Asbury topic
"Land
worth - has council any interest in R.E. values"
http://groups.yahoo.com/group/AsburyPark/messages/
Perhaps you can clarify, for the many of us interested in
Asbury's
future, just what council has given to The Fishman, what you've
received for your generosity and what future surprises await us.
Your below mentioned letter to the Coaster has further confused the
issue, rather than clarify, I ask therefore that you post or send me
a digital copy for comment. With council's continuing reluctance
to
disclose to the public its dealings with Fishman, an election in the
offing, I assure you the public's need for disclosure will not
soon
dampen.
"I spoke to Terry Reidy the day before New Year's Eve and he
reiterated his desire for me to get involved in the appraisal
process. He seems to me to be in earnest looking to do what is right
and is sending me the documents I think I need. I suspect that there
are claims that there were certain conditions attached to the sale of
the Triangle piece. I saw Council Member Loffredo's letter in the
Coaster outlining some of these purported conditions. I must admit
that it appears to be a turn around from his position at the council
meeting. If these purported conditions are a factor to be considered
I must ask why they were not brought up at the last council meeting
when the value was at issue and why neither appraisal cited them as
factors to which their estimates of value were in addition to? Is
Loffredo suggesting that the appraisals actually estimated higher
values from which the value or cost of the purported conditions of
sale were deducted from leaving the $490,000 and $175,000 estimates?
As I suspected, no one is playing from the same page of music here. I
did not plan to become involved but I am now committed to seeing that
a fair deal is done, or at minimum, that the real facts come to
light. "Daniel F. Sciannameo
"The Loffredo 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 fire sale." [EMAIL PROTECTED]
--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote:
> 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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