Or like our 421a certidficates in NYC which you get for building
affordable housing. Mark, what do they last 10 years? It must be on
a declining basis though, I forget. What I meant to say before is
that you let the developer build extra density in certain areas in
return for things like restoring the Casino, CH and other public
amenities and then turning then back again to public ownership. I
understand that the city didn;t have the money to maintain them, but
they shouldn't have been sold outright. At the most, a long-term
lease. I know the city says blah blah Fishman has to do this and
that, but he doesn't. At Dec 15 council meeting we asked for the
performance bonds or letter of credit for the renovation of the
Casino. The city side stepped the issue. Its my understanding
someone asked again at the last meeting and found out that certain
additions to the letter of credit had to be included and the long
and short of it we have nothing, no letter of credit. The council
members wouldn't sell their own homes to someone who wasn't approved
for a mortgage to follow through on the purchase. Why should be any
different with public assets. How can there be no financial guaranty
for the developer to perform. It is absolutely ridciulous. I didn't
question these things before I purchased, not that it would change
my mins, because I figured AP would act just like any city would
when doing a deal. Mark, you know how NYC does things, you can't get
away with anything. What were these people thinking?
--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote:
> I guess you're asking Ben about my post on the tax abatement. I
promise to track down and confirm the basics of the abatement. I
just want to be clear that the worst thing about the abatement is
the number of years it lasts. A 16 year tax abatement is meant as a
reward. For example, building something the City needs like a
hospital. Developers do not get 16 year tax abatements for
developments that are pure profit making endeavors. The abatement
is meant to allow the developer to put money out before he gets it
back. None of these developers will be around in 16 yearts.
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