dfsavgny <[EMAIL PROTECTED]> wrote:
--- In AsburyPark@yahoogroups.com, "Fred" <[EMAIL PROTECTED]> wrote:
>
>> Isn't there a letter of credit in the amount of 25% of the work
they
> are going to do with a full construction bond?
>
>
Cash of letter of credit. the problem is that this is only for the
intial projects at a cost of $6 million. While what was presented to
the public says that the full cost of the construction will be
posted in performance bonds prior to commencement, again this is
only for the initial projects. This is only for minimal
improvements - remember, Asbury Partners' own figures just for the
Casino was in excess of $30 million. Now the original RA called for
total restoration of the structures. We are clearly talking about
tens of millions of dollars - not $6 million. I originally thought
the supplemental agreement at least indicated that the city would
have input on the schedule for the remaining restoration (as
promised 4 years ago) even though it didn't receive any financial
guarantees for it. However, looking it over again in answering your
question, I don't think it even goes that far.
Listen, I have no ax to grind against you, this city or even Asbury
Partners. I wish they had done everything they promised to do (even
if I disagree with some issues of the plan). The simple fact of the
matter is that Asbury Partners has done nothing and I suspect will
do more of the same. Its like a kid who you have to stand over to
get their homework done. The only reason I want them out is because
I think they have proven that they cannot and will not perform. Its
sort of like amputating a gangerous limb. It may hurt now but you'll
be better off. I wish I was wrong but I don't think I am. We have
been held hostage for 4-5 years and we will continue to be held
hostage for many more if we do not get rid of them. The council
should have taken a stronger stand. The infrastructure has ground to
a halt (Asbury Partners has not paid Verizon). IF, and that's a bg
IF, they complete these initial projects, how long will it take them
to do what they promised 4 years ago? I am not making this up, it is
a fact.
How low will we go? Check out Yahoo! Messengers low PC-to-Phone call rates.
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