Prism is relying on income/deferred profit distributions from other ventures to carry our downtown redevelopment project and has been in that position for the last year or more; they need to collect rents/management fees, etc. from others in order to pay West Orange.

The simple fact remains that this project commenced in December 2006, with an anticipated buildout of 24-30 months and with all the financing then in place to accomplish it.

Bank of America's withdrawal (in 2008) left a hole not easily or quickly filled and Prism exhausted its dedicated cash reserves (for this project) to carry if for the next three years.

They are likely unable to draw against the balance of funding committed until they re-mobilize and begin construction and, as soon as they do, their cash flow problems will disappear.

Tom:

Don't we all what?

Rather than "making excuses" for anyone, I'm providing a concise and reasonable explanation of what common sense suggests is going on.

What's also common sense and entirely reasonable is my belief that the Township is best served staying the course with Prism, as there is no white knight with a quarter billion dollars waiting in the wings to pick up the ball...and that's what truly matters.

john anthony prignano:

As usual, your rant is far off the topic of this particular conversation and while your animos toward Governor Codey is palpable, you don't tangibly support a single one of your denouncements of the man.

While I rather doubt you've ever personally discussed his, his wife's or his son's education choices with them, I have and know why they made what decisions they did...period. Your skepticism is based on nothing approaching first hand knowledge or information.

That said, would you care to share any evidence whatsoever of Governor Codey "was a failed businessman,a deadbeat tenant evicted for non - payment of rent and he owed the I.R.S. many thousands of dollars?"

Kindly provide a link to whatever such information you say is available on-line, as I can find absolutely nothing of the sort.

The final approval of Prism's plans by the Planning Board only occurred in early September and what followed was mandatory 45 day waiting period before that approval became effective. Accordingly, Prism has only been in a position to proceed for six week or so.

My guess is that they are in the process of lining up contractors/sub-contractors and formulating a constuction schedule.

My understanding is that, weather permitting, they intend to remobilized and to be working on site as soon as possible, after the first of the year.

Tom:

Neither my support of political candidates nor volunteerism in town is any justification to suggest the right to free speech we all enjoy should somehow be curtailed and your saying so is nonsense.

Is it "inappropriate" for Mr. Krakoviak to write this blog and voice his tacit disapproval of Prism?

Is it "inappropriate" for Mr. Kraemer to voice his critical opinions as well?

Both of these gentlemen are most assuredly politicians, however, the difference appears to be that I disagree with.

That said, the position Prism finds itself in is quite a bit different than the typical taxpayer and, clearly, you need to familiarize yourself with this project's history, and the general protocols inherent with contruction financing, in order to truly comment intelligently and I would suggest you do both.

maisha:

Clearly, what you don't know about this project and its history is legion but, I can assure that the process began with a published request for proposals and was done in open public meetings that culminated with Prism's selection in 2006.

Neither "bribery nor cronyism" had anything to do with it but, the glbal fuinancial meltdown of 2008 is largely responsible for the inordinate delay in completing the project.

maisha Terrific letter. Englert depicts himself as THE AUTHORITY on every subject related to the Township of West Orange, but he REFUSES to read the article{s} about failed businessman and deadbeat tenant Richard Codey, and he refuses to acknowledge The Newark Star - Ledger's article on that subject, and he feigns complete ignorance of the Star - Ledger's front page expose on the Cow Parade - The Mckeon Administration put the entire municipal work force and all the Township resources at the disposal of a private, for - profit company .There was no street cleaning for the entire duration of the Cow Parade. When The Parade concluded, the for- profit company took all the profits { except for multi - millionaire Michael Graves cut } Englert's comments have no validity.They are slanted and biased. Any fact or facts Englert believes are detrimental to his very prejudiced viewpoint he omits - "I can't find that on my computer", or, " I have no idea what you're talking about" are two of his standard defenses. Or he offers some nonsensical excuse. He has no credibility. Great comments,maisha

john anthony prignano:

I would opin that the individual devoid of any credibility can be found by looking in your bathroom mirror...that is if you've even graduated to using indoor plumbing.

Again, I challenge you to post links to whatever stories/documents/evidence you have that support your specious allegation concerning Governor Codey as I have made a concerted effort and found nothing of the kind.

Lastly, your continuing to harp on the dozen year old Cow Parade...which served to provide positive public relations for theTownhip, a medium for local artists to express themselves, an art exhibition enjoyed by the public and more than $250,000 raised in support of local charities...only underscores the fact that ypou're a bitter, miserable human being with no soul.

All that said, can't you ever remain on point with your posts?

Tom:

I'm sorry; given as little as you've demonstrated you know about constitutional law, I had no reason to believe you knowledge base about much of anything else was significant.

That said, excuse by skepticism that you might but, if you had the resources and expertise to prosecute a project of the scope of downtown redevelopment, why didn't you submit a proposal?

If "the deal (crafted) made sense" to you, perhaps you would havelead us all to the Promised Land by now.

Paul P:

Your comment is the height of ill-informed nonsense as Mr, Trenk has neither a business nor personal connection to Prism Capital Partners LLC, or its principals, and never has, let alone any role in its founding.

Further, he has absolutely no control over which entities chose to respond to the Township's request for proposals (RFP) and who was chosen by the Townsip Council, as the developer, in an open public process.

So, an emphatic NO, there was NO cronyism whatsoever...and specious, anonymous and totally unsubstantiated comments on an Internet message board will not make it so.

Paul P Great comments. Richard Trenk is conspicuous by his absence.

john anthony prignano:

"Great comments?"

Hardly.

Ill-informed, libelous innuendo?

Definitely!

An you still haven't provided us a link to anything substantiating your own specious allegations concerning Governor Codey.

Care to share them with the group?

Paul P The Concerned Citizens went after Sam Spina with relentless ferocity . But they never in any way, shape or form mentioned the fact that Sam Spina bought and sold real estate in West Orange. Personally, I consider that a clear conflict of interests. It's painfully obvious why they didn't say anything about Spina's real estate business. Englert denies ever calling my house - "I answered the phone when Gary Englert called our house and asked to speak to my husband " signed, Jeanne Prignano

john ranthony prignano:

Your posts remain far afield from the subject at hand and you insist on taking us down these incessant trips down selective Memory Lane, peppered with various nonsensical gems wafting through the windmills of your mind.

I recal having precisely one direct conversation with you; the evening of the 1994 municipal election when we both found ourselves at the Renna House as the polls were closing. My recollection is that (as ill-conceived and lackluster as the effort was)I commended you for involving yourself in the process. I recall you were weraing a grey suit.

Having long since determined (witness the exchanges here) that any conversation with you is an exercise in futility, I can't imagine why I would ever subjected myself to trying to have a phone conversation with you but, labor under the delsuion I called you if it makes you happy.

That said, the ad hoc orgnization that became known as The Concerned Citizens of West Orange took what action it could given the actionable evidence and proofs of malfeasance, misfeasance and criminality that it discovered and verified.

That action did not include any concerning the Spina family's real estate holdings, as your thinking property ownership is somehow a "conflict of interest" does not make it so.

A local elected official is not precluded from owning real estate, whether it be his/her personal residence, a business or for investment purposes and there was no illegality to be found.

Tom:

Building nothing and have no viable alternative is what I'd define as an idiotic attitude.

It may have escaped your notice but, absolutely nothing is being "shoved down our throats."

The simple fact remains that economic conditions that were beyond anyone's control changed dramatically since this project was first conceived and then approved in 2006; perhaps you've been living under a rock and haven't noticed.

What has happened since are relatively minor changes that were vetted and approved in open public forums comprised of both elected officials and an appointed board comprised of citizens with wholly relevant professional expertise.

The aesthetic vision of Edison Lofts has not changed significantly, with the only significant difference being that its future residents will be paying rent and not a mortgage.

Listen to whomever and whatever you want but, your posts haven't articulated a cogent reason to oppose the current plan let alone another course of action.

john ranthony prignano:

And your point...which remains totally off topic...would be what?

One is always best served by picking their battles and fighting only those they can win, which is precisely what The Concerned Citizens of West Orange did.

Care to share any civic successes of your own that even come close to what that group accomplished?

No?

I didn't think so.

What you've also yet to do is provide any proof to support your very specious allegations (made above) about Governor Codey...so I'll repeat the unanswered challenge: kindly provide a link to whatever such information can be found on-line.

As to Mr. Trenk, he is alive and well practicing law, advising the Township as its Municipal Attorney and engaging in the various charitable works that he is known for.

john ranthony prignano:

There an old legal adage that says "If there's the appearance of a conflict, then a conflict exists."

The Township Attorney's (jointly and severally) were providing guidance and advice to the Administration and Council, whose interests in the matter may well have conflicted with those of the Township Clerk.

Of consequence, she was provided with independent counsel.

john ranthony prignano:

Yada, yada, yada...let's continue to pillory Mr. Trenk for be part of a group who submitted the highest bid for a moribund property...and then rehabilitating and returning it to full taxpaying status before any other part of the Organon parcel.

Judge Stein's report simply opined that Mr. Trenk should have known that there were people who wouldn't sophisticated enough to understand he did nothing wrong...as you've so aptly proven.

Tom:

Housing is housing and paying for it is paying for it...whether it be making amortgage payyment or writing a rent check.

The economic world has changed since 2008; there's a 97% occupancy rate of residential rental properties in NYC metro area and construction financing for them is available.

Condos?

No so much.

That's no excuse, it's a reality that our town fathers have accepted as wishful thinking isn't likely to get you anywhere.

john ranthony prignano:

"Obsession is the single most wasteful human activity, because with an obsession you keep coming back and back and back to the same question and never get an answer." ~ Norman Mailer

john ranthony prignano declaring anyone or anything "NUTS?"

An epic case of the pot calling the kettle black if there ever was one!

It's good to know that Prism is obligated to reimburse the Township for the full cost of any and all of its expenses concerning development. On the other hand, the Township is borrowing 6.3 million dollars in general OBLIGATION bonds for the development. So who's really obligated to pay for " the full cost of any and all expenses concerning development " ? Give your friends money !

john ranthony prignano:

While I'm sure it can be identified and quantified, the cost of the Clerk's legal counsel was born by Prism Capital Partners LLC, as they are required to reimburse the Township for the full cost of any and all of its expenses concerning redevelopment...and the cost of defending this frivolous lawsuit would be one of them.

Tom:

I mosr definitely think the residents have spoken, as well, by consistently electing and re-electing a majority of our local officials who ARE committed to downtown redevelopment.

Whatever your very subjective survey (and whether you actually spoke to real human beings or just the mouse in your pocket), it surely pales in comparison to the evidence garnered in an election.

As to 2008, ignore cause and effect if you'd like but, the history is what it is and, YES, the economic meltdown stalled the project...period.

Lastly, if you're going to continue to post, why not assess the landscape here and figure out how to get yours in the stream where they belong...rather than starting a new one each time you post.

It isn't rocket science.

Paul P:

William J. Ward, Esq.'s self-promoting piece on ethics and redevelopment has absolutely no standing as a published, judicial opinion and is based on a number of fundamentally flawed premises, not the least of which is:

"However, Trenk, as municipal attorney, was overseeing the town’s redevelopment plans..."

That is now, and always has been, fundamentally incorrect as the Township has retained independent counsel (McManimon & Scotland, L.L.C.) since the onset of the intitiative.

Accordingly, Mr. Trenk is not now, and never has been "overseeing the town’s redevelopment plans."

The simple fact of the matter remains that an investment group (of which Mr. Trenk was a member) submitted the highest offer received, in sealed bid process open to the public, and purchased the subject property.

Ergo, neither he, nor anyone else, received any special consideration as a result of his service as Municipal Attorney...and he should not be pilloried for making an investment in the community in which he liives and serves.

That group then renovated/rehabilitated the empty building (347 Mt. Pleasant Avenue), occupied/leased it to capacity and returned it to full tapaying status before any other parcel on the former Organon site.

If that was somehow bad for West Orange...or its taxpayers...I fail to see why or how.