How much has Asbury Made on the Sale of its Waterfront Property?          Dir.   Home   City's Share of Profits on the Waterfront?

The following emails between Asbury Radio and the Dir. of Redevelopment, Don Sammet answer the question.  (To our knowledge the environmental clean up referred to in the Casino complex deal involved an old oil tank.)

 

 

The Casino sale was part of the sale that took place with the Marine Grill site. That was the recent sale (from this year) and not 2003.

-----Original Message-----
From: Restore881FM@aol.com [mailto:Restore881FM@aol.com]
Sent: Tuesday, May 03, 2005 1:39 PM
To: dsammet@cityofasburypark.com
Subject: Re: Final Sale Prices

Then it's even more laudible that you got them for me.

Ques. while you still have your files out, could you tell me the dates of the sales? I only ask because someone told me that the Casino property was actually sold on 7/7/03, not this fall as most of us thought. Is that true?

 

In a message dated 5/3/2005 1:30:29 PM Eastern Standard Time, dsammet@cityofasburypark.com writes:

Glad I could help. Sorry it took a while to research, I am not involved with
the sale of City owned properties. Hope the info. helps you. For future
reference, the City Manager and James Aaron are well versed in the sale
agreements and are the appropriate contacts.
  -----Original Message-----
  From: Restore881FM@aol.com [mailto:Restore881FM@aol.com]
  Sent: Monday, May 02, 2005 6:33 PM
  To: dsammet@cityofasburypark.com
  Subject: Re: Final Sale Prices
 

 Thanks, Don.
  I'll post your reply so that people can view it.
  Maureen

  In a message dated 5/2/2005 5:26:35 PM Eastern Standard Time,
dsammet@cityofasburypark.com writes:
    Maureen,

    Convention Hall/Paramount sold for $5 million
    Pavilions for $3.5 million
    Casino & Power Plant for $1.5 million plus Partners handle environmental
    cleanup
    The spaces between the Pavilions are rented from the city, the rent is
based on the approximate real estate taxes considering the economic uses
allowed and available and the potential for income to be generated. The rent $
has yet to be determined. The $10 you reference was paid up front and is in
addition to the above.

    The non-cash considerations are spelled out in all the agreements. I
don't have $ values for them but the $ amount of the boardwalk could be
compiled by the City Engineer.

    I have copies of the agreements here if you want to review them.

  Speak up - It's America!!
  Maureen Nevin
  Restore Radio 88.1FM - 4 Years on the Radio!!
  Asbury Park's Own Live Talk Show
  601 Bangs Avenue
  Listen 8 - 10 PM Thursdays on 88.1FM or
  Listen Live or Later on the Web http://www.restoreradio.com/
  Call the show 732-775-0821
  Call me 732-774-0779 fax 502-0463

 

Speak up - It's America!!
 Maureen Nevin
Restore Radio 88.1FM - 4 Years on the Radio!!
 Asbury Park's Own Live Talk Show
 601 Bangs Avenue
Listen 8 - 10 PM Thursdays on 88.1FM or
Listen Live or Later on the Web http://www.restoreradio.com/
 Call the show 732-775-0821
Call me 732-774-0779 fax 502-0463