--- In AsburyPark@yahoogroups.com, "Teddi" <Teddysea@...> wrote:
>
> Odds, against City (I'm not being negative, just the facts).
I am not a gambler. I suspect if City wins iStar will appeal in any event.
Still, City was right to litigate and to continue to do so.
>Precedent, if
> history repeats a shyster will appear and the City will make a deal that
> sounds
> perfect. The deal will take iStar out, put the new developer in and the City
> will write a new contract with the new developer that will give rights all the
> way to the edge of the water including all the shells on the beach. Timeframe,
> who knows, 1-20.
Don't think so this time.
> Actually what I have been saying all along is that if we are going to fight,
> lets get the whole thing declared invalid. I don't believe we have had a
> contract that fulfills the requirements of the original blight and plan since
> Carabetta went out. We should fight to get back to square one, then rebid the
> development using the original plan (revised to today's standards) which
> offered
> individual parcels or blocks to be developed by different developers.
I think that is exactly what is being done. But you understand you cannot get
the property back that Partners (iStar) already owns unless you buy it or
condemn it. It theirs (including pavilions) and the WRA being effective or not
does not change that.
>
>
>
> --- In AsburyPark@yahoogroups.com, "Teddi" <Teddysea@> wrote:
> >
> > So - if I read all the comments over the last few days correctly it boils
> > down
> > to this: iStar holds the city hostage and the only path to freedom is now
> > underway - suing to regain control of the WRA. The rest is noise. If I have
> > that right, what's the betting line look like? Odds to win and regain
> > control,
> > or odds that iStar wakes up and begins active involvement... and timeframe.
> > Is
> > there some precedent?
> >
> > Odds, against City (I'm not being negative, just the facts). Precedent, if
> > history repeats a shyster will appear and the City will make a deal that
> > sounds perfect. The deal will take iStar out, put the new developer in and
> > the City will write a new contract with the new developer that will give
> > rights all the way to the edge of the water including all the shells on the
> > beach. Timeframe, who knows, 1-20.
> >
> > Actually what I have been saying all along is that if we are going to
> > fight, lets get the whole thing declared invalid. I don't believe we have
> > had a contract that fulfills the requirements of the original blight and
> > plan since Carabetta went out. We should fight to get back to square one,
> > then rebid the development using the original plan (revised to today's
> > standards) which offered individual parcels or blocks to be developed by
> > different developers.
> >
> >
> >
> >
> >
> >
> > --- In AsburyPark@yahoogroups.com, "Vinnie" <tripvin@> wrote:
> > >
> > > --- In AsburyPark@yahoogroups.com, "dfsavgny" <dfsavgny@> wrote:
> > > >
> > > >
> > > >
> > > > --- In AsburyPark@yahoogroups.com, Teddysea@ wrote:
> > > > >
> > > > > Well, i'm feeling reckless today so let's throw out some ideas.
> > > > > Since
> > > > > iStar owns the property but not the development rights then why don't
> > > > > we
> > > > > restart our redevelopment. Why not find those old plans in City
> > > > > Hall that I keep
> > > > > talking about and dust them off. It actually would be a very
> > > > > workable
> > > > > plan today. A combination of residential and commercial and if I
> > > > > remember
> > > > > correctly no where near 3000 units. It was also designed so that
> > > > > individual
> > > > > builders could bid on each section which had specific guidelines as
> > > > > to
> > > > > number of residential units, square footage of commerical and minimum
> > > > > dollars
> > > > > to be spent.
> > > > >
> > > > > Now, here's the brilliant part--once we have a redevelopment back in
> > > > > place,
> > > > > why can't we simply take back the iStar properties by eminent
> > > > > domain,
> > > > > based on current market value? Crazier things have been done on
> > > > > this
> > > > > beachfront (like my property taken when there wasn't even a plan to
> > > > > develop the
> > > > > site). And, hopefully any City property owned by Asbury Properties
> > > > > had
> > > > > reverter clauses (dare we hope that was done).
> > > > >
> > > > > just my 2 cents worth...
> > > > >
> > > >
> > > >
> > > > First the WRA has to be officially dead, and it is not. That is part of
> > > > the court case (I assume). The WRA does not allow the city to take
> > > > property in the redevelopment zone without Partners' approval. That
> > > > also I assume is one of the peeves of the city. They want Partners (now
> > > > iStar) to take people's property instead of them being left in
> > > > purgatory. personally, I think they should not be taken (even though
> > > > the last cases brought nice values) because I think the eminent domain
> > > > portions of the plan will go away.
> > > >
> > > > More importantly, at least in NYS, you have to prove you have the money
> > > > to pay for property before you can take it. I am fighting a case in
> > > > Sullivan County just on that principle at the moment. They (utility)
> > > > have the right to condemn but I know they don't have the millions. We
> > > > want a bond put up. AP doesn't have the money.
> > > >
> > > > But as I have said for years, the City should act like the 800 lb
> > > > gorilla in the room. There are a lot of things it can do to make a
> > > > developer more agreeable to its terms.
> > > >
> > > > iStar is not going to roll over and play dead. But the City is
> > > > proceeding correctly by litigating. It would have all been better had
> > > > the 2001 deal never been signed but it was and we are still dealing
> > > > with that. We should have been suing the original Partners back in 2006
> > > > as I suggested but that is water under the bridge. We need to band
> > > > together and get on the right track (although we are). The city has
> > > > done very well considering the economic conditions of the past two
> > > > years. It has a great boardwalk and Downtown will just get better and
> > > > better.
> > > >
> > >
> > >
> > > This story was fascinating to follow over the last few years as a fan of
> > > Asbury, but as of 3 weeks ago I am now a taxpayer - closed on a 7th Ave
> > > house :) and renovating now with my wife. We're very excited and are in
> > > - for better or worse.
> > >
> > > So - if I read all the comments over the last few days correctly it boils
> > > down to this: iStar holds the city hostage and the only path to freedom
> > > is now underway - suing to regain control of the WRA. The rest is noise.
> > > If I have that right, what's the betting line look like? Odds to win
> > > and regain control, or odds that iStar wakes up and begins active
> > > involvement... and timeframe. Is there some precedent?
> > >
> > > Thanks
> > > Vinnie
> > >
> >
>
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