I was asked to share this letter that was sent to iStar / Long Beach Wayfarer, LLC

I was asked to share the following letter to iStar:

Good Afternoon,

As a lifetime Long Beach resident, I want to let iStar know that you’re marketing the Wayfarer project to the City of Long Beach, and it’s residents, in a totally misguided manner. I have a background in structured commercial mortgage credit and currently work at redacted, so I’m pretty knowledgeable on commercial real estate and finance in general. Continue reading I was asked to share this letter that was sent to iStar / Long Beach Wayfarer, LLC

Stop the presses! iStar permit was extended last month?

John Asbury of Newsday clarifying some details:

More on iStar / IDA cancellation and possible extensions of variance

Tonight’s IDA meeting was canceled by the IDA.  Newsday: Nassau IDA cancels vote on tax break for Long Beach project
“IDA officials said they are reviewing its economic analysis report after concerns were raised by the Long Beach School District regarding $8 million in projected benefits to the district from building two 15-story towers overlooking the boardwalk.” [LINK]
iStar’s variance cancels this Friday. As of now, no extensions are listed on the ZBA calendar, but could be on the extensions list for tomorrow night. See: ZONING BOARD OF APPEALS THE CITY OF LONG BEACH CALENDAR May 26, 2016
Screen Shot 2016-05-25 at 3.02.39 PM

Volunteers Needed for Oyster Reef Restoration [June 4th]

Volunteer Announcement

From the organizers:

The TOH oyster restoration program has been going on for 6 years now and each year we add additional oyster reef structures to our permitted areas in the bay.  We could really use some help getting some new reef material together to “set” our oysters upon.

We are hoping to get around 10 people together on Saturday, June 4th at 9am-12pm at our facility located at West Marina (where the big piles of shell are)  in Point Lookout.

We could use some help getting bags of shell together which will be used to construct oyster reefs later in the year.

The work would be pretty straight forward. We need help scooping clam shells from a pile, funneling them into mesh bags,  and stacking them neatly nearby.  Each bag could weigh between 10-20 lbs when full of shell.  This bagged shell material will used to construct the reefs later this summer.

Another letter regarding the iStar / IDA Economic Impact Analysis

May 22, 2016

Nassau County Industrial Development Agency
1550 Franklin Ave., Suite 235
Mineola NY 11501

Dear Chairman Kearney and IDA Members,

Thank you for providing the “Camoin Report”, commissioned to express the economic impact of the Wayfarer project. Upon reading the report, I feel that it omitted critical data that will help decide whether or not to grant the 109 Million dollars in tax relief sought by the developer. It only showed the economic impact of two options, developed or not developed, and nothing in-between. Just because the developer forces an all-or-nothing tactic, doesn’t mean they deserve it. Continue reading Another letter regarding the iStar / IDA Economic Impact Analysis

I was asked to post this: Another opinion on the cost/ benefit analysis performed by Camoin

Another letter regarding the iStar/IDA/Cost Benefit Analysis. This one comes from a resident named Neal:

The cost/ benefit analysis performed by Camoin Associates for the Nassau IDA is more remarkable for what it failed to examine than for the metrics and attempt to quantify that it provided. We already knew that all the municipalities would  benefit financially and that some jobs would be created by granting the tax abatement versus the status quo of the current tax assessment on the undeveloped property. But where is scenario 3 in this analysis? What about measuring the proposal versus I Star’s presentation to our zoning board suggesting that this shovel ready, fully capitalized project simply needed a variance for height/ density in order to be financially viable? What about exploring I Star’s profitability argument against the market realities of rock bottom interest rates, the low cost basis for I Star’s acquisition of the property, and the present and projected high demand and strong market for luxury apartments in settings that enable active lifestyles and transit access to NYC? Karl Frey, I Star’s Exective VP told members of our civic associations that IStar was looking for a 5% return on their investment. When asked if IStar would split any overage with Long Beach, he wouldn’t commit.  How much would I Star need to raise its proposed rents on 528 apartments to achieve their target profit margins without applying for the $109M tax abatement ?

This report, even absent a specific recommendation, strikes me as a misdirection play that does nothing to expose the real dynamics of this issue: that I Star is trying to blackmail the City in a zero sum game in which it is either their way or nothing. It utterly misses the point by not exploring the potential of that property or the options the developer has for achieving their profit without taking out a profit insurance policy on the taxpayers dime.

I support the development of the Superblock. However, as a 31 year resident who has been looking forward to the day that real estate values reflect the amazing quality of life that we have here in Long Beach thereby allowing development to drive increasing tax revenues and some degree of tax relief for overburdened taxpayers, I ask my fellow residents to show up on Wednesday to bear witness, to let the IDA know what we know.

the unofficial blog of long beach, ny. Est 2008