Township Council gets some answers, but questions remain on project.
Once again, the historic Edison Battery Factory and its redeveloper, Prism Capital Partners, were the hot topic at The West Orange Township Council meeting, on Tuesday night. Prism was approved earlier this year to begin building a mixed residential-retail development on the site of the former Edison Battery building. Representatives of West Orange's Redevelopment Counsel, McManimon, Scotland and Baumann, LLC, and NW Financial, West Orange's redevelopment financial advisors, were on hand to provide an update on the project to the council and answer questions. One major concern addressed was the possible foreclosure by Wells Fargo. The council learned Tuesday the foreclosure was dismissed. The council was also told escrow accounts are up to…
Public asks council for answers about the struggling developer
The West Orange Township Council addressed concerns regarding the historic Edison Battery Factory and its re-developer, Prism Capital Partners, at its meeting Tuesday night. The council echoed the frustration of the public at not getting timely answers to questions about the developer’s financial position. “The public is really concerned, as is the council,” said Councilman Jerry Guarino. "(They are wondering) is (the redevelopment project) going to be viable? Is it going to happen and is the township exposed? The township is not exposed to any liability; we’re doing our job… it gets emotional. “The township isn’t giving (Prism) any money unless they maintain their requirements,” he said. “But the taxpayers aren’t exposed to any loss…
Residents question project during nearly two hours of public comment
- GOVERNMENT
- Karen Yi
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Wednesday, March 7, 2012
[Editor's note: This story was updated March 7 at 3:30 a.m.] An ordinance authorizing West Orange to issue $6.3 million in general obligation bonds to the developer of the Edison property on Main Street was reintroduced Tuesday night. The ordinance was approved on first reading in a 4-1 vote by the township council. Councilman Joe Krakoviak dissented, voting "no" to introduce the ordinance and approve it on first reading. The bond ordinance was first passed in a February meeting but was withdrawn after a procedural flaw with its introduction, according to the administration. They said the township's supplemental debt statement was prepared but not on file in the township clerk's office prior to the Feb. 21 meeting. "There are still, in my …
steve@murraystreet.com
11:25 am on Sunday, January 27, 2013
Amen! Thank You Mark Paulson and Gary Englert. It astounds me that some writers never have a good word to say about how someone else is doing the difficult jobs. more ›