Gee, not so shocking...
--- In AsburyPark@yahoogroups.com, "wernerapnj" <[EMAIL PROTECTED]> wrote:
>
> Excerpt from an article in todays Press:
>
> ...
> Gregory Mayers, the city's chief financial officer, met with
> Steinmetz on Monday and said afterward that one of the reasons for
> the reduction in city ratables was settlement of a $7 million tax
> appeal on a group of redevelopment properties last year.
>
> Other city officials later said that the settlement was with Asbury
> Partners on tax appeals of the assessed values of certain properties.
>
> The city, which has not introduced its 2007 municipal budget, has a
> serious budget gap this year, in part because of a continuing $5
> million deficit each year that came to light in the spring of 2001
> and because new condominiums being constructed on the beachfront did
> not become occupied and on the tax rolls as anticipated for 2006.
>
> "The city's facing a serious gap in revenues, and we're in Trenton
> and working with the state to address it," City Manager Terence
> Reidy said.
>
> Reidy said he does not yet have the answer for how the revenue gap
> will be resolved.
>
=======================================================
=========
>
> Can I say? - "I told you this plan would not work"
>
> Werner
>
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