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Posts Tagged ‘WAVE and the Ocean Grove North End Redevelopment’

 

Condominiums at the Time Warner Center were found to have a number of hidden owners over a decade who had been the subjects of government investigations. Credit Edward Caruso for The New York Times Advertisement Continue reading the main storyContinue reading the main storyShare This Page Email Share NY Times

Condominiums at the Time Warner Center were found to have a number of hidden owners over a decade who had been the subjects of government investigations. Credit Edward Caruso for The New York Times

By Paul Goldfinger, Editor @Blogfinger

In a front page article in the NY Times*, it is reported that the Justice Department is looking into secret investors who are behind high end real estate deals. They are especially interested in professionals such as real estate agents, bankers, and lawyers who are involved in developing such entities.

Oftentimes shell companies are formed such as LLC’s**  (Limited Liability Corporations)  that shield the identities of investors. Frequently foreign buyers are involved using cash payments as they seek real estate deals to hide or launder their money.

Currently the investigators are focusing on New York City and Miami.

There is an LLC that is involved in the North End Redevelopment Plan. It is called WAVE, and we posted an article about it in April, 2015.

https://blogfinger.net/2015/04/16/peeling-back-the-layers-of-nerp-and-wave/

Since 2007. the identities of the WAVE investors have been hidden, even though they have been doing business with Neptune Township, the governing entity that is in charge of the North End Area in Need of Redevelopment.

You would think that any group doing business with the Township would be required to disclose the identities of its investors, and if it refuses, the Township should open bidding for others to be redevelopers of the NERP. But the Township continues to be involved with WAVE.

This is not to say that there is any evidence that WAVE’s principles are doing anything illegal,  but any entity doing business with the Township should be totally above board  and transparent, or it should be excused from participating in this project. This is about appearances, and the Township ought to make sure that its business associates are squeaky clean.  As far as we can tell, the Committee does not know whom it is dealing with.

**”Simply put, an LLC is the least complex business structure. Unlike an S corp or C corp, an LLC’s structure is flexible. It also gives you the perk of pass-through taxes, limited liability (obviously), and legal protection for your personal assets. Plus the added benefit of looking more legit than the other guys.”  Internet definition.

NY Times link:*

www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html?_r=0

CAROL HANEY   from the Pajama Game.

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OG North End waiting for development since 2007. Home Groaners Ass. are clueless. Blogfinger file photo ©

OG North End waiting for development since 2007. Home Groaners Ass. (HGA)  are clueless. Blogfinger file photo ©

 

By Paul Goldfinger, Editor @Blogfinger and Jack Bredin,, researcher @Blogfinger.

A Blogfinger reader suggested we view the minutes of the Nov. 28, 2015 Home Owners Association   (HOA) meeting. It can be found on their website (OGHOA.org,) and below is our evaluation of their North End misinformation including some quotes from their minutes. We suggest that all of you familiarize yourselves with the truth:

  1. The Township’s application for a RISS exemption is ignored by the OGHOA, according to their minutes. There is no mention of that situation which we have been reporting about recently. The Neptune Township application to the Sites Improvement Advisory Board in Trenton has important implications for the North End Plan. The Home Groaners are missing in action.   That application must be blocked by our citizens.
  1. “The entire negotiation process has come to a pause.” Sorry, but there is no negotiation process going on. The CMA is having private discussions with WAVE, while the Township waits for WAVE to sign a Redevelopers Agreement. The Town Attorney has been waiting for 7 years for WAVE to show their financial capability and to sign the Agreement.
  1. OGHOA says there is “a newly revised and reduced plan that has lowered the amount of RSIS standard required parking to be accommodated in a one level underground parking garage which will be for the condos in block one.”

This is nonsense. Committeeman Randy Bishop presented a concept plan earlier this year which, he said, would replace the 2008 NERP. But that “new” plan was never approved because no revised plan can be approved before the signing of a Redevelopers Agreement for the 2008 NERP.

On page 22 of the 2008 NERP it says, “Any proposed changes in permitted uses in the land use plan (NERP)—residential density, building height, or the core design concepts in this plan shall require notice and new public hearings in a manner similar to the adoption of the original plan.”

The “new” WAVE plan presented by Bishop proposed reducing the density west of the boardwalk by 50% and also increasing the density east of the boardwalk by 100% by adding two  upper stories of condos to the large Pavilion on the beach.

When Bishop was subsequently questioned about the “new plan” by a member of the public, Bishop said, “That plan was a mistake.” Ann Horan must have missed that meeting.

  1. “WAVE has asserted that they will not give complete financials to the Township until the CMA signs a revised CMA-WAVE Agreement.”

This is also nonsense:   Private negotiations between OGCMA and WAVE have nothing to do with and cannot hold up the redevelopment process that is controlled by the Township Committee.

  1. OGHOA says that “reduced RISS mandated parking would be accommodated in a one level underground parking garage.”

That is wrong because no actual garage plan has ever been submitted for the 2008 plan. In the “new plan” there is a dotted line on a drawing to show the extent of a parking garage, but again, there is no actual plan available and no engineering estimate of the project’s costs for such a garage. There is reason to believe that the bulk of the new condo’s will sit on top of the garage, but there is no plan to show such an arrangement.

  1. Another issue that is not mentioned by the HOA: According to the NERP and the “new plan” no parking will be required for the boardwalk Pavilion despite the condos and the banquet hall mentioned in the “new plan.”

So, the OGHOA, which supports all of this, would agree that for a wedding reception to be held in the Pavilion during the summer, the guests can park on Ocean Avenue or use the meters in Asbury Park or Bradley Beach. Of course such situations will produce increased need for on street parking at our North End.

This scenario actually could come true if the State awards Neptune Township the parking and streets exemptions which they are currently seeking.

Blogfinger readers need to learn about these issues so that they can be knowledgeable when it comes time to demonstrate and speak up in large numbers, not only about the North End Plan but also about the application to the State RISS Board. The Home Groaners Ass. continues to be incompetent in their assessment of this situation.

BARRY MANILOW with music like we will be hearing from the new North End Hotel and the Banquet Hall in the Pavilion on the beach  (aka “Asbury Park South.”)

 

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wave one img561

By Paul Goldfinger, Editor @Blogfinger

There have been times in the past when Grovers have asked to know the identity of the NERP Co-developer WAVE. That issue has been raised before on Blogfinger and at OGHOA meetings. I.M. Radar, for one, has brought this up before on a number of occasions. Jack Bredin brought it up again at last Monday’s Township Committee meeting , and so did the HOA President Ann Horan. But so far silence and opacity prevail.

The North End Committee of the HOA has not discovered this important information nor has the Township Committee revealed what they evidently know.   In June, 2012, an article in Blogfinger said, ” The developers are the Camp Meeting Association, which owns the 5.6-acre site, and a company run by Ocean Grove developer William Gannon.”

But there has been the suspicion that others might be involved in WAVE,  perhaps investors who are going to put up a lot of money.  Evidently, the Camp Meeting Association, the land owner,  was motivated to change the zoning and come up with a project that would be more profitable than just single family homes. But shouldn’t others who stand to profit from this endeavor be named also?  This is not a typical private development enterprise.

After the Planning Board approved the designation of the North End as a “zone in need of redevelopment,” which in turn allowed the Township Committee to permit multi-use zoning, this project became a public redevelopment zone, under the management of the Township Committee,  where all decisions would require public scrutiny and all subsequent steps in the process would be the public’s business.

Ever since Ann Horan of the HOA woke up a sleeping giant by telling the Coaster in December that the HOA North End Committee (and she named all of the current members) had “persuaded the {Township} Committee to revise the redevelopment plan,” Blogfinger has been trying to find out what really is going on.

Is there anyone in Ocean Grove who doesn’t believe that this matter should be carefully looked at again by the citizens who pay taxes here and worry about the future of the town and of their real estate investments?

Yesterday there was a meeting to discuss the Redevelopment Agreement which is the contract required under the Redevelopment laws. It is a contract between the Redeveloper and the Township.  The meeting was attended by the Town Engineer, Town attorney, WAVE and a Township Committeeman (Randy Bishop.)  Not present was Mayor Mary Beth Jahn who is part of the negotiating committee.

According to Barbara Burns, the Vice President of the Ocean Grove Home Owners Association, in a letter to the Coaster dated March 26, 2015, “The CMA will be an active participant in negotiation of the redevelopment agreement that is the next step in the process.”  So Barbara,  why wasn’t the CMA present at yesterday’s active administrative proceeding?

She also said, “Blogfinger seems to be laboring under a misconception that there is an active administrative proceeding underway with respect to the North End…There is no ongoing proceeding.”   Really Barbara?

We need a homeowners association that is better informed and more aggressive.

It looks like the CMA has taken a big step back to allow WAVE to negotiate the agreement, presumably because WAVE has a contract to buy the land if all the approvals go their way.  On the surface, there is nothing wrong with any of this, but we the people need all the facts.

Meanwhile, a Blogfinger citizen researcher from Ocean Grove found the above document regarding WAVE.  In an email to Blogfinger, D.T. said:

“Hi Paul,

“A while back I visited https://www.njportal.com/DOR/businessrecords/ and  downloaded the only document on WAVE that New Jersey appears to be tracking as a “business record”.

“This is their original certificate of formation (attached). It only lists William and Paul Gannon as owners — in an LLC the owners are called “members.”

“If there are any outside investors, they are not legally involved from a corporate standpoint (which, while certainly still possible, would be odd; investors usually like to have voting rights on how their money is being used).”

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