Yes that is correct, the City and the state agreed to allow demolition of the Casino from the boardwalk to the ocean. There is no obligation to restore it at all. It is conceivable that a lawsuit could force the issue. However, offering money could allow certain public rights and thereby tax reductions. That is why donation is a possible solution. The money would be donated to both help restore the structure AND gain rights to the property for some public use which would be not for profit. It has been done before. Property can be partially public and so partially tax exempt. Asbury Partners clearly does not want to put out one cent - so they may find the idea appealling. So unless someone is willing to bring a lawsuit to reform orvacate the agreements, saving the Casino requires cash from a source other than Asbury Partners.
-----Original Message-----
From: wernerapnj [mailto:[EMAIL PROTECTED]]
Sent: Tuesday, April 12, 2005 9:11 AM
To: AsburyPark@yahoogroups.com
Subject: [AsburyPark] Re: Donations for historic properties
--- "dfsavgny" <[EMAIL PROTECTED]> wrote:
>
> Sorry, but I am against in principle donating money to pay for what
> APartners is obligated to do.
It would be very inappopriate to "donate" money for the repair of
what are now private properties. Unless, of course you want to "give"
money to someone to help them out. Donating infers that a not-for-
profit or public service organization is the recipient.
The Con Hall, Cas, Pavilions, etc., WERE public property prior to
their sale to the Fishman. As such they were eligable for public
grants and funding through State and Federal programs. As City
Historian, I submitted several applications for preservation
assistance.
At this time all those buildings are privately owned and and I see
nothing in the documents that obligates Fishman to restore them
himself. They can be sold (flipped) to 3rd parties, which is most
likely why they are delaying any repairs.
As the residential parcels West of Ocean Ave are built out the
beachfront properties increase in value by association just through
market forces. Keep in mind that the Fishman, MDSAS et. al. are
speculators and not developers.
Werner
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