Ive said it before and ill say it again...the city manager (as nice of a
man as he is).is in over his head. He is a minor leaguer playing in
the major leagues
Rememberthe council is ceremonial in that they make no financial
decisions for the city
On Feb 1, 2013 1:28 PM, oakdorf oakd...@yahoo.com wrote:
**
(after which someone commented - imagine if you had to pay school
taxes..) and it wasn't me.
HER Letter
Say no to the Asbury Park bond plan. What I really want to say is: Say
no to the Asbury Park bond scam.
The City Council and city manager have concocted a sham wherein the city
would sponsor the issuance of up to $58 million in bonds to finance the
infrastructure on the waterfront.
They say that this proposal is innovative. It is not innovative, unless
you think giving away our tax dollars is innovative.
They say no one in the state has proposed such a plan. Yes, that's
probably true because no other municipality could be so irresponsible as to
even think of proposing such a sham.
Without getting into detail, the proposed plan would give 40 percent of
the conventional real estate taxes to the developer to pay off these bonds.
This gift to the developer would last for 30 years.
In the past, the developer was always responsible to pay 100 percent of
the total cost of the infrastructure, and that is the way it works in every
other municipality.
I say, let the developer, a public corporation whose CEO is making
millions of dollars, and the wealthy people buying their $500,000
townhouses be responsible to pay for their own infrastructure.
This plan is irrational. Asbury Park is still broke and under state
supervision and has very high real estate tax rates. Its debt is
astronomical, and yet the council wants to give our tax revenues away to a
public corporation.
The overtaxed residents of Asbury Park should demand that the plan be
withdrawn by the city immediately.
This council`s accomplishments have been higher taxes (a 40 percent
increase) and higher debt ($60 million). This plan would continue their
legacy of financial and leadership failure.
Rita Marano
Asbury Park
[Non-text portions of this message have been removed]
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