UCCF 12/2/21: $49 Million Borrowing

Ordinance:

834-2021 BOND ORDINANCE TO AUTHORIZE THE MAKING OF VARIOUS PUBLIC IMPROVEMENTS AND THE ACQUISITION OF NEW ADDITIONAL OR REPLACEMENT EQUIPMENT AND MACHINERY, NEW ADDITIONAL FURNISHINGS, NEW COMMUNICATION AND SIGNAL SYSTEMS EQUIPMENT, NEW INFORMATION TECHNOLOGY AND TELECOMMUNICATIONS EQUIPMENT AND NEW AUTOMOTIVE VEHICLES, INCLUDING ORIGINAL APPARATUS AND EQUIPMENT, IN, BY AND FOR THE COUNTY OF
UNION, STATE OF NEW JERSEY, TO APPROPRIATE THE SUM OF $49,070,544 TO PAY THE COST THEREOF, TO APPROPRIATE STATE GRANTS AND COUNTY OPEN SPACE TRUST FUNDS, TO MAKE A DOWN PAYMENT, TO AUTHORIZE THE ISSUANCE OF BONDS TO FINANCE SUCH APPROPRIATION AND TO PROVIDE FOR THE ISSUANCE OF BOND ANTICIPATION NOTES IN ANTICIPATION OF THE ISSUANCE OF SUCH BONDS.

One response to this post.

  1. Posted by qpat00 on December 12, 2021 at 6:33 pm

    In that $49 million bond is something of interest, possible corruption regarding the purchase of the Berkely Plaza Banquet hall and property. Premise: In the 12/2/21 union county commissioner meeting it came out that Union County govt is paying $2.560 mill just for the land underneath the building at 735/737 Springfield Avenue, Berkely Heights, Union County, NJ, which is blocks 501, lots 1 and 3 and was fully verified by County OSTF director Vickie Drake in that meeting. This propoerty totals 1.35 acres, so works out to an astronomical sum of around $1.890 mill per acre of vacant land. (As negotiated, the building demolition is being taken care of by the present owner, “735 Springfield Ave LLC”). The land per Berkely Heights township is roughly assessed at less than $1 or could be $1.4 million based on the recent or present overbidding ratios. (Their ratio of BH assessment for land is a multiple of 2x assessed value for FMV. That would put the land at only $357k x 2=$720k )Therefore, looks like the county is well overpaying by $1 million to $1.5 mill. But its found to be worse. In researching, back in 2017 the present owner had purchased for $2.450 mill, the 1.35 acres which included the banquet building and also 2 lots across the street (blocks 501 lots 1 and 2. These lots total 1.25 acres and lot 2 has an older viable home on it built in 1950. The land total in that 2017 purchase is 2.6 acres. (1.35+1.25=2.6). So 4 years later the county is only buying 1.35 acres of just vacant land and paying $2.560 mill, $100,000 more over what was paid for twice the acreage, a home and a banquet hall. One possible guess is that the present owners are good friends with who-ever local politician and so wants the Union County taxpayers to bail out the full purchase cost, since the banquet hall ended up with major structural issues and is uninhabitable. Present owners walk away at not losing a dime of their original purchase monies yet retain a home and 1.25 acres across the street in just 4 years. Taxpayers overpay by $1-1.5 million. This is a good possible example of how politics and land corruption works at taxpayers’ expense. This needs to be investigated.

    Reply

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: