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Monday, September 14, 2009

Monarch Condo documents: Developer's Agreement; Abatement impact

Having the Monarch condos DEVELOPER'S AGREEMENT and TAX ABATEMENT IMPACT available will help Plainfielders better understand the issues at stake in the tax abatement proposal the Council will act on tonight.

Thanks to Councilor Adrian Mapp, I have been able to post the documents online.

Careful scrutiny of the documents will throw some of City Administrator Marc Dashield's assertions into doubt.

1. The Developer's Agreement

The city designated the Union County Improvement Authority its redevelopment agent and sold the parcel on which the new condos and Senior Center stand to the UCIA for $1. The UCIA, in turn, designated Dornoch Plainfield LLC with Glen Fishman as principal as the developer of the project and sold it the property for $1.

The full Developer's Agreement (pages 1-22), plus the legal description of the property (pages 23a-b), and the Administrative Costs Agreement (pages 24-30) are online. They can be read or printed out below (my apologies that it appears upside down, have a help ticket in with the online provider -- you'll have to print it out or, like Olddoc, stand on your head...) --

2. Estimated Impact of the Tax Abatement proposal

Councilor Mapp has prepared a table estimating the impact to the taxpayers of the proposed 5-year tax abatement plan, which can be viewed or printed out below --

-- Dan Damon

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olddoc said...

Even if I had to stand on my head, which was difficult when I was young, to read it , I thank you for doing a community service. Knowledge, is helpful and we can better combat this ill advised ordinance. It printed out fine.

Anonymous said...

Besides being wholly unfair to the long suffering taxpayers, I find the payment of attorney's fees curious. The Seller shall pay for both parties'(seller & buyer) attorneys fees according to the contract. If this project fails, will Lesniak's law firm get paid?
Will Lesniak use his political clout for his client? But the main issue is, of course, why should this developer get special treatment? If the project fails, so be it. It's no incumbant on taxpayers to make his deal fly and to even suggest it, is obscene.

Anonymous said...

Based on Mr. Mapp's analysis Plainfield taxpayers will gain 764,000 in tax relief given the property was vacant for many years and owned by the city thus it was not a ratable. It is better to gain $764,000 in tax relief than no relief. We are not losing money when compared to the original lack of ratables at the site predevelopment.

Unknown said...

When will the Monarch condos be occupied

Dan said...

To jcohne -- there are already three units occupied as far as I know, and supposedly others sold, but not yet closed.