Here's a thought and how residents (and non) and the city might be able to take
on their
OWN development projects:
Form a REIT (Real Estate Investment Fund) - not sure the legalities of the
whole thing:
1. City residents and property owners can contribute
2. City employees contribute via payroll deduction If they so choose - the
matches an
employee contrib into this fund courtesy of taxes.
3. 1% of property taxes go into fund
4. 2.5% Realty Asbury Park Realty Transfer fee
5. Increase CO fee by $10.00
6. $5.00 on general building permit
7. 1% on projects over $2m
8, 10% of monies that are to be paid by master developer as part of agreement
to fund
based on CO issued.
9, 10% of UEZ money
10. Other funds - pensions (like state of NJ), insurance cos etc all get to
invest their $$.
11. FOREIGN money.
12. Go to the same fund raiser that Madison M did..
.......
The goal of the fund is to REINVEST in the REDEVELOPMENT of Asbury Park, NJ -
not just
the ocean front. The return to the investors are reduced property taxes
(increase tax
revenue) by aiding development, loans to QUALIFIED owners in rehabbing
distressed
propereties, taking an equity stake in selected projects...etc etc etc
I think just from the bankers and attorneys on this board and some of the other
brains
floating and lurking around -someone could pull this off.
CAn't be any worse then other profesionally managed funds from the big
brokerages
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