--- In AsburyPark@yahoogroups.com, Joe D'Andrea <[EMAIL PROTECTED]> wrote:
>
>
> It's funny he would say that...
>
> Jim Aaron has no contract with Asbury Partners. (He better not!)
He only has a contract with the city. His invoices are presented to
the city and it is the city that must approve and pay them. The city
is the entity that has an arrangement with Asbury Partners to
reimburse it (the city) for these expenses. The city maintains an
escrow account in which Asbury Partners is required to keep
sufficient funds from which the city can withdraw to pay Mr. Aaron.
It may be that either Asbury Partners is slow to replenish the
funds, or it may be that the city is slow to ask for replenishment.
In either case, if the funds are not in the escrow account, the city
can't make the disbursement(s).
You are absolutely correct. I was not clear. I was talking about
reimbursement to the City for Aaron. Of course it was suggested that
the Cty does not pay until it gets the money from Fishman, hence,
Aaron's remark that Fishman is slow to pay. The whole conversation
was in the context of what I considered an appearance of conflict of
interest and perhaps a real conflict. While it is better than being
paid directly from Fishman, this arrangement is only marginally
better. It should be that Fishman has to put money in a fund and
replenish it. There should be absolutely no monetary connection at
all between Fishman and our redevelopment experts. There is the
possibility that Fishman would refuse to pay for something that is
adverse to his position. While the possibility may be small, it is
still there. Anyway, from what I hear, the City has lost confidence
in Aaron and he has been marginalized in these negotiations.
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