Council to Impose Prism Deadline, Discuss Lack of Progress
Governing body agrees at Tuesday night meeting to assemble packet with questions for developer's representatives.
The West Orange township council has agreed to take additional actions to stem growing frustration at the lack progress made by developer Prism Capital Partners LLC on the Edison project, officials decided at Tuesday night’s council meeting.
After hearing complaints from several residents and Councilman Joe Krakoviak, the council agreed to put together a packet with questions from council members and residents for Prism representatives to answer as well as setting a deadline for the developer to make progress on the project.
Krakoviak said the developer has not provided its 2012 financials and was late paying its taxes. He also said Prism has defaulted on the West Orange CVS property.
He is also concerned, he said, because as long as Prism is designated for the redevelopment of the property, even if an outside party expressed interest in the property, nothing could be done.
He said the only way to change that is to default the project, something council members questioned because even in a default, Prism would remain the property owners.
West Orange Business Administrator Jack Sayers explained the agreement saying, “Prism can sell to anyone at any time, as long as the township agrees.” He said the township “will not default them, we are working with them to get the project to happen.”
Krakoviak also wanted to know if the Prism financials submitted to the township council were publically posted.
Sayers agreed to check and to post them if they weren’t already up.
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