I finally got resolution to this matter. Someone raised the question
about what happened to the $1.5 million loan that NJ EDA approved.
Asbury Partners was supposed to use it to acquire 1100 Ocean Ave and
begin resoration on the pavillions. Mark Saldutti from EDA just
confirmed to me that although the loan was approved on 11/12/2002,
it never closed because Asbury Partners withdrew its application.
Seems to me that that should have been a tip of the hand as to what
Partners' intentions were with regard to the restoration of the
pavillions.
The EDA loans are low interest loans which are administered for a
number of programs. Interested, I asked Mark if there was a size
limit to the loans, and he said, no, that they did a $2 billion bond
float on cigarette tax revenue for the state in order to balance the
budget and that they regularly do loans in the tens and hundreds of
millions. He asked what happened to the AP waterfront, i.e. was it
restored? I said no, it looked the same if not worse than 2002.
Further interested, I asked that if one wanted to restore the
waterfront could EDA be a source of loans in the tens of millions of
dollars? Of course he said. Clearly the approval of the loan depends
upon the ability to repay. But to say that there is no financing
source to restore the waterfront buildings is just plain nonsense.
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