Dear Editor:
Who will profit from the purchase of the Parking Authority building on Central Avenue, in Jersey City? This unwise recommendation relating to misleading bureaucratic propaganda of nonsense is foul retching garbage of monetary abuse, which will become a money pit of despair. Will it be the Jersey City taxpayers, who will have absolutely no chance in purchasing these floating bonds used as payment, and profit from these escalated interest rates offered? They will have the opportunity and privilege to pay and pay and pay the enhanced interest rates, which accompanies these endless, indefinite loan shark loans.
Will it be the landlord, who negotiated an inflated price, from appraisals of April 2008, and January 2009, when a new more recent evaluation is warranted and should have been conducted? This property even saving $400,000 from the original price is not a feasible amount. Maybe no one told the Mayor, some members of the City Council or the Parking Authority Commissioners that we are living in a recession, in which property value and equity has decreased considerably. This time frame is not adequate for a fair cost determination.
It was noted that the City will save $5,000 a month less than rent. Commissioner, who will be responsible for the maintenance and routine upkeep of the building? Such as, a new boiler, new roof, new air conditioner system. The new landlords will “the taxpayers of Jersey City”. Is the building in excellent condition?
If these items need replacement, will there be more bonds floated, increasing the payment of the building, which was already inflated? Will these bonds be an additional convenient pay back to other political hacks, who will purchase them that made fat lucrative donations into a Jersey City’s politician’s reelection coffers?
If the building is perfectly sound, then why would an individual approximately receiving a guaranteed $225,000 a year in rent be willing to sell, especially in these trying times? Could it possibly be a giveback from a past political favor or is this building an endless financial hole? There could also be another reason, which is also quite obvious, that the owner couldn’t find another sucker to purchase the building at $4.36 million.
After the recent federal political indictments, and one councilman still has the audacity to remain in office, instead of honorably resigning, establishing himself as the King’s Jester and Fool in his Royal Highnesses Unscrupulous Court of Bought and Sold Marionettes, voted for and recommended this purchase. Then pardon me for not being so naive as to trust any Jersey City Official recommending this as a good investment and purchase. Again, tell the truth for once, who is actually going to profit from this deal?
When will the residents of Jersey City put a muzzle on corruption? When will the guilty finally face their accusers and be punished, humiliated and ejected from their elected office of trust, for the despicable acts of public thievery and deceit, maybe in January?
William P. Frasca