Home
Prism found twice in default, sent notice letters PDF Print E-mail
Written by Joe Krakoviak   
Friday, 23 November 2012 14:50

The township administration has apparently directed the redevelopment counsel recently to send two default notice letters to Prism, the designated redeveloper for the downtown redevelopment area. If the defaults are not corrected within the specified time periods, the redeveloper risks losing its designation as the exclusive developer for the downtown redevelopment area.


The township sent a letter demanding information from Prism on October 26, 2012. The letter asks for information related to required notification to the town of material adverse changes in Prism's financial condition, including the foreclosure action on Prism's Barton Press property and other legal actions. The letter also asks for financial information.
 

The first default letter, dated November 14, 2012, cites Prism’s failure to pay $173,246.05 to cover the town’s costs for the project as well as additional funds to the escrow account for future costs. The letter indicates the request for the funds was originally made by letter on September 26, 2012; this letter is not included with the default notice.

 

The second default letter, dated November 20, 2012, cites Prism’s failure to pay $123,943.65 in delinquent property taxes and interest.

 

The 2006 Redevelopment Agreement between the township and Prism, which is the basis for the default notice letters, is here.

Prism demand for information letter from township October 26, 2012
Prism notice of default letter re escrow November 14, 2012
Prism notice of default letter re property taxes November 20, 2012
2006 Redevelopment Agreement with Prism

Comments (2)
  • Steve Kay  - Did Prism get the 5 million (bond) from the town?
    Did Prism get the 5 million (bond) from the town?
    Was the loan completed?
  • Joe Krakoviak
    Steve, The $6.3 million in tax-payer-guaranteed bonds (or short-term notes) for the redeveloper, approved by a majority of the town council, have not been issued. Re loan, Prism has not yet announced that is has received its needed $50 million construction loan.
Only registered users can write comments!

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

Last Updated on Wednesday, 28 November 2012 12:29
 
Copyright © 2017 West Orange Grassroots. All Rights Reserved.
Joomla! is Free Software released under the GNU/GPL License.