Dan, in the good old days you'd buy a property and any increase
or
decrease in value due to inflation/deflation, improvements or changes
in market conditions accrued to the owner. We can call those days BF
or before Fishman.
These days, which we call AF, increases in value of property
purchased by The Fishman are said to accrue to the former owner,
though for reasons known only to city council this accrual is in word
only, any monetary benefits are solely retained by the purchaser.
This was formerly called bull shit but is now known in Asbury as one
of the prices paid for redevelopment.
--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
> Skip,
>
> That would be really frightening if they carried it as a
receivable,
> however, I would not be surprised, at least I would expect so if
> Loffredo were doing the books. In his editorial and letter, he
> actually considers the $33 million to rehabilitate the Casino as
> part of the value to the City. I spoke about this when I called
into
> Maure3en's show the other night. Assume, arguendo, that $1.5
million
> is the value of thew Casino in its current condition and that $33
> million is the value of the renovation. Assume it is worth $34.5
> million after renovation. Well that value is no longer the City's
> but the developer since we sold it to him. Am I missing something?
> Is the Casino being transferred back to City ownership after
> renovation? That is the kind of misrepresentation in Loffredo's
> editorial that gets me so angry. It should be revealed to voters
for
> what it is, BS. Why a city council member would go beyond the pale
> of truth to protect the developer is frustrating and telling.
>
> --- In AsburyPark@yahoogroups.com, "SkipDragon" <[EMAIL PROTECTED]> wrote:
> >
> > "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."
> >
> > Dan, After a lengthy explanation of "the above contractual
> > commitments to the sale price of these parcels that I arrive at
> the
> > $36.5 million value" the justification for this BONUS of $36.5
> > million; I asked Terry Reidy how he carried this item on the
> books,
> > was it a receivable. At this point James Aaron said and council
&
> > Reidy concurred that this isn't a receivable, but a contractual
> > obligation of the developer.
> >
> > Well there you have it, from the horses mouth, The Fishman has
> been
> > bound by this council to restore (not tear down) the entire
> Casino --
> > well hell, that ALMOST as good as if it were in writing!
> >
> > --- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]>
> wrote:
> > >
> > > I emailed it because that is what they told me they preferred.
> > >
> > > --- In AsburyPark@yahoogroups.com, Lighty <[EMAIL PROTECTED]> wrote:
> > > > On 1/8/05 9:29 AM, "dfsavgny" <[EMAIL PROTECTED]> wrote:
> > > >
> > > > >
> > > > >
> > > > > Well I've lost hope that APP will print my response, since
> they
> > > got
> > > > > it Thursday and it's not in yet. I guess they had too many
> > > stories
> > > > > in the Triangle.
> > > > >
> > > >
> > > > I hope you mailed or faxed it. The only times I've ever had
> > stuff
> > > published
> > > > was when it was mailed or faxed, the email way doesn't seem
to
> > > work so good
> > > > there...
> > > >
> > > > And sometimes they print the responses SOOOO LATE - you might
> be
> > > printed in
> > > > a month or so.
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