"�but really have a life of 16 years from some date� The cutting off of the funding is bad enough, but consider how bad it will be when something like 1/3 of the property owners will not have to contribute one cent."
Oh yeah? Dan, run this one through your computer; my guess is that if they actually get built, the combination of hot market, waterfront and inflation caused directly by the abatement (which will add close to it's equivalency in carrying costs to purchase price), will result in average unit prices near $700,000. At the end of the abatement period inflation may nearly double that number. What happens to 3,000 units worth then $4,200,000,000 when they must absorb a doubling of property tax, loss of Abbot funding by the city, which by then has raised everyone's property tax? You know well, how much I detest negativity; so I'll just assume that everyone in town will win the lottery. Of course our buddy The Fish will be enjoying the � billion he scored at Asbury's expense and BB82 will have tractor trailer races in Bradley Park. Welcome to `a brave new world'. --- In [email protected], "dfsavgny" <[EMAIL PROTECTED]> wrote: > --- In [email protected], "Tyler, Mark" <[EMAIL PROTECTED]> wrote: > > To date no district has been removed from funding but 3 have been > added > > since 1997. So until the idea that Long branch no longer > qualifies is acted > > upon - we are probably safe. I found these factors: > > The state Supreme Court defined poorer urban districts by relying > on a > > formula that includes property tax assessments, average family > income, > > student achievement and whether students live in a K-12 district > that is on > > the state's list for urban aid, according to a spokesman for the > New Jersey > > Department of Education (DOE). > > > Mark, > > We all know that the state cannot continue at this rate of funding > indefinitely. Can you imagine if homes start selling here for $1 > million in a few years and the redevelopment being substntially > built out that we will continue to get this level of funding? It is > impossible. Are only hope is to keep poor people here or to have the > funding outlive the abatements, which are 10 years, but really have > a life of 16 years from some date (approval or start of project). > The cutting off of the funding is bad enough, but consider how bad > it will be when something like 1/3 of the property owners will not > have to contribute one cent. The abatements must go away for future > phases (non-fast track). Let Fishman take less. As you know this is > not mumbo jumbo but real simple. We have tried to lay it out for > these people before the election but they won't listen. All they > care about is their property values, as if we didn't, or as if > property values are permanently insulated from other factors, such > as property taxes. NJ is reaching a climax on its realiance on > property taxes. It will not work forever. That's all you get with > condos. How about commercial uses and you get sales taxes, etc. Yahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/AsburyPark/ <*> To unsubscribe from this group, send an email to: [EMAIL PROTECTED] <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
