Residents sue to overturn Edison redevelopment financial agreement PDF Print E-mail
Written by Joe Krakoviak   
Monday, 23 April 2012 20:28

Two residents have filed a lawsuit against the West Orange Town Council seeking to overturn the 4-1 approval of the Financial Agreement underlying the Prism project. The suit was filed April 11 by Kevin Malanga and Michael Taylor. They cite various reasons to overturn Ordinance 2351-12. The original complaint, links to the ordinance and supporting documents, and the online video of the March 20, 2012, council meeting where the ordinance was given final approval, are below:

Ordinance 2351-12, Financial Agreement
Body of the Financial Agreement
Exhibits to the Financial Agreement
Online video of March 20, 2012, council meeting

Comments (2)
  • Sandra D Helbig
    Just wondering.

    I haven't gone through all of the documents. It would take hours to do.

    However, I am wondering whether a completion bond from a reputable bonding company was included in the requirements placed upon Prism. If not, was a completion bond every contemplated or discussed?

    A completion bond would make the project less financially dangerous to the township by protecting it from the failure of Prism in the midst of construction.

    I further heard that Prism engaged in some remediation work (from environmental contamination???). If so, does anyone know the monetary cost of that work? Would the cost of the remedial work otherwise have fallen upon the township? If so, does the township's obligation under the agreement equal or exceed the cost of environmental remediation? I do not wish to indicate that I am in favor of this travesty, but I do wish to know the pros and cons.
  • Joe Krakoviak  - Brief answers to your questions
    I’ve gone through all the documents, at least twice – and it takes many, many hours.

    1. A completion bond is required, in Section 5.10 of the Infrastructure Construction Agreement.
    2. I’m unaware of a specific calculation of remediation, but the financials as part of the Long Term Tax Exemption calculation put the cost at roughly $2 million.
    3. The cost of remediation is typically assigned to the property owner, not the town. However, the town has indicated that it would be responsible for any environmental remediation discovered as part of the infrastructure work that is part of the Prism deal.

    Regards, Joe
Only registered users can write comments!

!joomlacomment 4.0 Copyright (C) 2009 Compojoom.com . All rights reserved."

Copyright © 2018 West Orange Grassroots. All Rights Reserved.
Joomla! is Free Software released under the GNU/GPL License.