The 421a is new construction, the J51 is rehab, but you're right.
Chuck, the indoor retail is what I was referring to, it is not going
work. Everything is indoor retail unless you're talking about a food
stand. It will work in the summer but not the off season. Thus, you
will never get anybody but local/seasonal retailers. Anybody who
believes different certainly should not be involved in development
at all, let alone in charge of 1.25 billion project. There will
never be successful all year retail on that boardwalk. It's absolute
nonsense. And I don't think we want seaside or wildwood here. Let
them build decent condos on ocean ave, not too tall (and more open
space), let high density is some places and give the community a
beautiful waterfront, which is already there. Very little has to be
done. But something has to be done. And people have been yelling
about this for awhile. We're not waiting for the last minute. The
problem is no one with power wants to listen. I would not object to
a sensible tax abatement. But in reality, there only has to be such
substantial abatements because you have to pay off the middleman.
This deal is a disgrace. There's nothing else you can say. Even how
bad it is, if people saw something being done, with the developer
giving something up, they would cut him some slack. I told that to
Faiella and he agreed, whether to be nice or sincere I don't know.
If we saw some of the INFRASTRUCTURE, or action on CH and efforts to
appease the public with the Casino, that would go a long way. But
no, he wants every last drop. I said it before, pigs get fed and
hogs get slaughtered.
--- In AsburyPark@yahoogroups.com, [EMAIL PROTECTED] wrote:
> I don't know what the Council was thinking. They certainly aren't
getting good advice from their paid professional help and the
problems were brought to their attention.
> Dan your right about the exemptions - the max is 10 years and even
that length usually means that the developer had to put up with some
special problem. One of the 421-A exemptions is a good example. It
gives a developer 10 years (covering only the increase in building
value) and it requires gut rehab rather than building new; and must
be in a specifc undeveloped area. The exemption extends partially
for 5 more years for any portion that is done to Landmark or SHIPPA
requirements. I would say that is our most drastic developer
statute. NYC is in a better position to offer exemptions because it
makes the money back on what is spent and who is hired in NYC.
Asbury is not in the same position. Even, NYC could not offer any
sizeable exemption to a development that would increase its
population by 50%. Neither can Asbury Park.
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