I don't disagree with much of what you say, in particular the need
to plan should Abbott money dry up. It is becoming politically more
unpopular, and with the threat of a constitutional convention
looming, it could go away sooner than later.
--- In AsburyPark@yahoogroups.com, "dfsavgny" <[EMAIL PROTECTED]> wrote:
> --- In AsburyPark@yahoogroups.com, "bluebishop82"
> <[EMAIL PROTECTED]> wrote:
> >
> > Tax abatements are a normal part of the quid pro quo in deals
like
> > this.
> >
> > Do you think anyone could have gotten a deal done without tax
> > incentives?
> >
> It depends what else is in the deal. If you sell the assets for
less
> than they are worth perhaps you don't have to give the abatements.
> Do you think people are buying up the waterfront condos because of
> the abatements? I don't. I think a unit that sells for $500,000 is
> scheduled to pay something around $7,000+ in PILOT payments.
That's
> with the abatements. A house selling for that amount pays perhaps
a
> little less (until revaluation kicks in). I know the secret of the
> abatement at work here but I won't give it away. We got on this
> subject because of the schools. All I am saying is that with
nothing
> of the PILOT going to the schools, the city better put something
> aside from the PILOT for when state aid dries up. Off the subject,
> it is not so much the abatements alone that bother me. It is
> everything considered together. Despite how bad people say things
> were in 2001, many cannot help to see the whole thing, if not as a
> give away, then at best, not the wisest decisions. Although I
don;t
> really know your capabilities as a lawyer, I am going to assume
you
> are pretty good judging by your success. Would have signed such a
> one-sided deal yourself? It's all spilled milk, right? We have to
do
> the best we can now, while being held hostage by Asbury Partners.
> They will (have/are) not build anything. They're middlemen plain
and
> simple. Off topic, sorry.
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