People also need to realize that this tax break was given for 42
years vs the previous agreement of 20 years.
We really had a gun to our heads. Even deputy mayor Bruno said we had
a letter from Trenton linking the money due us with the abatement for
the Tower. The public needs to know that.
But to me the reality that doesn't seem well known is that PHS Senior
Living has about 5 other communities that are very upscale and not
affordable housing. You have to ask where did they get the extra dosh
to buy these upmarket places.
Maureen
--- In AsburyPark@yahoogroups.com, "oakdorf" <[EMAIL PROTECTED]> wrote:
>
> ,,,,,As part of the deal, the city agreed to reduce the PHS's tax
> abatement obligation money it pays the city in lieu of property
> taxes from 15 percent to 6.28 percent of Asbury Tower's annual
> revenue, meaning RENTAL INCOME MINUS UTILITIES. In the short term,
the
> change will cost the cash-strapped city much needed revenue,
perhaps as
> much as $200,000 this year, because Asbury Tower isn't fully
occupied
> during its renovation.
>
> City officials have said the cut was necessary, however, to enable
PHS
> to make a long-term commitment to the facility and make the
necessary
> repairs.
>
> >>>City officials have said the cut was necessary, however, to
enable
> PHS to make a long-term commitment to the facility and make the
> necessary repairs.<<<
>
>
> At least the state kicked in more money to the city to cover the
$200k
> give backs.
>
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