Dear Editor:
The Hudson Reporter and Tricia Tirella have done a fine job publishing “Still fighting to keep their view” (Feb. 20, 2010.)
I am just confused with the remark by Mayor Nicholas Sacco of North Bergen, regarding the value of the parcel of land in question on River Rd. at the Bulls Ferry Rd. intersection. The Mayor has indicated that the Township could not afford to pay the value of the property which he states is about $21 million. However, the Township sold this property based upon a value of $5 million in 2005 (it received half of that for its half interest, equating to $2.5 million), and as I understand the township received another $1 million to eliminate the height restriction, whereby valuing the property at only $6 million. The real estate market, as we are all well aware has decreased sharply in value in the last two years. Moreover, if the value was determined as a result of the receipt of all approvals for the project, let it be known the DEP permit of the developer is still being challenged and Hudson County had dismissed the developer’s application, so it would not be reasonable at this time to assume the developer is going to get all approvals for its project as proposed.
Thank you,
John Sanfelice