Re: JC Council to Vote on Canceling Two Abatement Deals for Non Compliance
Posted by jerseymom on 2019/1/10 21:30:59
One last thought - did the city give advance warning to the developer that they were failing to meet the conditions of the tax abatement? Was the developer given an opportunity for due process or an opportunity to correct deficiencies with the tax abatement while the building was under construction.
The tax abatement agreement says if the city warns of default, the developer has 30 days to fix the problem. There is the opportunity for a default.
The city issued the default on Oct. 23. 30 days later was Nov. 22.
The developer's lawyer last night claimed they didn't know until Dec. 17 about the potential revocation of the abatement, so he claims the 30-day period is still happening.
But wasn't construction completed already? Could the developer even have an ample opportunity to adequately address the default? I wonder if that will play into the legal argument. While I applaud the city's efforts to make sure that developers play by the rules, this does seem punitive. I wonder what other forces are at work here.
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