Published in the APP on January 6,
2004
To the Editor:
John Loffredoâs recent editorial
â$400,000 land sale bringing much more to Asburyâ (APP January 4, 2005) is par
for the course for Loffredo in his tenure as an Asbury Park Councilman. Loffredoâs flawed explanation of the
land grab that was passed off as a legitimate sale of city-owned oceanfront
assets should raise a flurry of red flags for those truly concerned about the
redevelopment of Asbury
Park.
How can John Loffredo say that the
fire sale of our cityâs remaining oceanfront assets is above "market value" when
there was never an independent appraisal to determine the value of any
properties sold (or rather given) to Asbury Partners on the waterfront?
Also, his claim that the developer has committed to rehabilitate the Casino and
Power Plant to state historic preservation standards is significantly
misleading. Most of the Casino is slated for demolition and a "similar"
building will be put in its place.
The logic he presents for
the sale of both the Triangle parcel and the Casino Complex begs some clear
questions. Most importantly, what is the limit to the benefits to be
gained by Asbury Partners under the current redevelopment agreement?
Using Councilman Loffredo's logic one may assume that the entire rest of
the town could be given to Asbury Partners at the price they decide.
Why? Because Asbury Partners built a meandering boardwalk? A
boardwalk that provides access to property that they were given at a
superficially low price without an appraisal!
Loffredo attempts to
allay the legitimate concerns of the citizens by sharing with us that âas a
condition of the sale, Asbury Partners must also supply and install four 20-foot
gazebos and approximately 60 benches on the boardwalk, add decorative lighting
fixtures at city-designated locations and expand the width of the existing
boardwalk from the northern edge of Sixth Avenue to the northern edge of Seventh
Avenue.â Can Councilman Loffredo provide firm dates for these
deliverables? Or will this work be added to the growing list of Asbury
Partners uncompleted tasks? Asbury Partners has missed countless deadlines,
(including significant payments to the City), and in three years they have yet
to develop or redevelop any properties.
What needs to be drawn out here
is that John Loffredo is attempting to have this community believe that selling
an oceanfront lot for $400,000 was a good deal for the citizens of Asbury
Park. The fact is that one
would struggle to find a house for $400,000 anywhere in Asbury
Park right now, let alone oceanfront
property. In his rhetorical shell game, Loffredo unsuccessfully tries to
mask the horrific truth that he agreed to sell a parcel of land that will make
Asbury Partners millions of dollars while the City was, and continues to be,
significantly short-changed.
Let us be clear, we
are enthusiastically FOR the redevelopment of Asbury
Park. But we are against the
beggar mentality that permeates the thoughts and actions of the majority of the
City Council, Loffredo included. Asbury
Park has no reason to be desperate:
we have the ONLY undeveloped mile of oceanfront on the entire East Coast!
Our City Council must stop its reckless appeasement of every whim of Asbury
Partners as we have far too much to offer to any true real estate developer and
we should refuse to settle for anything less than a fair
deal.
In the entirety of his editorial, Loffredo is right
about only one thing. It is an election year and we should look at the
facts.
Sincerely,
Jim Keady and Mark
Tyler
Mr. Keady is a resident and small business owner in Asbury
Park. Mr. Tyler is
a property owner in Asbury
Park and a real estate lawyer for the City of New
York.
