DO NOT CONTINUE READING IF YOU DON’T LIKE PROFANITY
The History of all this: Liar liar pants on fire Karl Frey, Executive Vice President of iStar Financial lied to us Long Beach residents back in 2014 when he sold many of us on the iStar project by never mentioning their plan to seek a tax abatement. At The Park, Liar liar Pants on fire Karl Frey told us the project was shovel ready with funds that were readily available.
What happened next had us residents furious.
After getting approval to build by convincing us they needed to add a few extra stories to make the project financially feasibly, iStar never broke ground. They project remained silent until it came out that they were seeking $127 million in tax breaks from the Nassau County IDA. That was rejected, so iStar tried again for $109 million. That was also rejected and rightfully so. Why would Nassau County IDA give iStar tax breaks on ultra rare waterfront property smack in the middle of a beach community that is walking distance to the LIRR?
So where are we today?
“It is with a great deal of reluctance that iStar filed this suit today,” said Karl Frey, iStar’s executive vice president. “For nearly a decade, we’ve worked closely with the city of Long Beach to create a development plan that would be both economically viable and provide extraordinary benefits to the city and its residents.” [NEWSDAY]
Yep. The Long Beach woes continue…. iStar Financial is suing us for $100 million for not publicly supporting their IDA request (That is complete bullshit. Below is a photo of City Councilman Anthony Eramo publicly speaking in favor of the project). IStar Financial has to be one of the dumbest fucking assbent over backwards companies out there. The Residents will respond to this. Meanwhile, the cost of construction keeps going up uP UP. Honest, Karl Frey, you are a fucking stupid and mean asshole. If I were an iStar shareholder, I would be pissed.
LB HERALD: iStar files $100M lawsuit against Long Beach