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Re: another fulop protected slum burns down
#1
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Quote:

neverleft wrote:
It is a disaster waiting to happen and when it does a slick lawyer is going to request the complaint logs from JC’s help desk and sue the city for inaction.

Yaay, another prediction of DOOM. We never get enough of those in JC


Quote:
All the city needs to do is ask the people in the know…

Or, those "people in the know" can report possible violators.

http://www.jerseycitynj.gov/hedc.aspx?id=1180


Quote:
They will tell you how many different names are on the overseas letters.

They're federal employees. Not spies for the Division of Housing Code Enforcement.

Posted on: 4/24 19:19
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Re: another fulop protected slum burns down
#2
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Quote:

earthling wrote:
there is a fire like once a week. duh.

You do know there are over 110,000 residential units in Jersey City?


Quote:
>What qualifies as a "slum" to you?
34 gray street

Right, so basically... You have no actual data to back up your claims.


Quote:
>>jj never did a follow up to their own stories.

>How much of a follow-up does there need to be on a fire?

i will settle on a single one. if i were an editor, there would have been an investigative report on 20 000+ of illegal dwellings in jc.

Right. Because it's not like local media budgets have taken a massive hit, so that they can follow your fantasy allegations.

Where is this 20k number coming from? That's nearly 20% of all units in JC.


Quote:
>That's a pretty serious allegation. What's that based on?

knowledge. just ask him: 201-547-5200

So basically, you're pulling it out of your ass.

Thanks for nothin'.

Posted on: 4/24 19:14
Top


Re: another fulop protected slum burns down
#3
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Quote:

earthling wrote:
Quote:

Dolomiti wrote:
Quote:

earthling wrote:

why policemen and firefighters have to risk their lives while greedy aida converts single family to slum, and scoops the profits?

Because... he's greedy? Not sure what more there is to say.


Quote:
why jersey journal self censors and never follows up to investigate such racket?

Huh?


Quote:
why fulop turn the blind eye?

Wha?

Is the Mayor supposed to personally inspect every building in JC, to make sure it's up to code?


in the past 12 months, perhaps only 2-3 single family houses affected by fires were actually single family. the rest were slums.

Which fires?

What qualifies as a "slum" to you?


Quote:
jj never did a follow up to their own stories.

How much of a follow-up does there need to be on a fire?


Quote:
yes, fulop knows it. no, he not suppose to personally inspect every building. however, he personally ordered fire dept brass under previous chief NOT to investigate reported slums.

That's a pretty serious allegation. What's that based on?

Posted on: 4/24 17:02
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Re: another fulop protected slum burns down
#4
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Quote:

earthling wrote:

why policemen and firefighters have to risk their lives while greedy aida converts single family to slum, and scoops the profits?

Because... he's greedy? Not sure what more there is to say.


Quote:
why jersey journal self censors and never follows up to investigate such racket?

Huh?


Quote:
why fulop turn the blind eye?

Wha?

Is the Mayor supposed to personally inspect every building in JC, to make sure it's up to code?

Posted on: 4/24 16:43
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Re: Man Fatally Struck by Light Rail in JC
#5
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Quote:

Yvonne wrote:
Our politicians decided commerce not safety took priortiy.

Since the system appears to be very safe, I'd say they wound up making the right choice.

And again! This accident happened in a section that was not going to be elevated to begin with, since it was in an area where there are no streets, and pedestrians are not supposed to have access.

And again, I dare you to find a transit system that is 100% safe.

Posted on: 4/24 11:59
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Re: Man Fatally Struck by Light Rail in JC
#6
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Quote:

Yvonne wrote:
This could have been avoided, when the lite rail route was being planned

There is absolutely no way to design a usable mass transit facility with zero chance of accidents. It cannot be done.

If you put the stations above ground, eventually some idiot is going to fall off the platforms, or into the tracks.

And as noted, the costs would have been tremendous. Saying "oh it was 20 years ago" is nonsense on numerous fronts; it wasn't cheap then, and they've expanded it over the years.

Seriously. You'd have to elevate what, 34 miles of tracks and the stations? You do understand that means handicap access at each station? That this delays access? Were we supposed to elevate the stations at the Hoboken Terminal?

And no, there hasn't been a huge rate of accidents on the HBLR. They had what, one auto accident last year?

By the way, the man was apparently on tracks that are not connected to roads. At the moment, it sounds like NJT is correct that he was trespassing. Or do you think they should have elevated a section of the route that has no cars, and where pedestrians have no reason to walk through?

Resized Image

Posted on: 4/23 19:52
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Re: h1b racket in jersey city about to crash
#7
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Quote:

earthling wrote:
Quote:

sullyx wrote:
Quote:

earthling wrote:
i thought it will be news today, but terrence chose to be a prop at hcdo photo op on city hall steps yesterday instead.

president trump signed eo yesterday targeting h1b racket, including all 400+ in jersey city.

https://www.whitehouse.gov/the-press-o ... merican-and-hire-american

http://www.myvisajobs.com/Jersey-City-NJ-2017WC.htm

slumlords and fulop not happy.



you do realize Terrence works for a LOCAL publication covering LOCAL issues, right? maybe he'll get around to covering the issue AFTER it's had an impact on Hudson County and Jersey City businesses.


say what? 12 000+ taking our jobs in our city is not an existingproblem?

Nope.

They are not "TAKIN ER JERBS." They are legal visa holders who work, consume and most likely live in JC. They are our co-workers and neighbors.

Spare us the nativism, kthx.


Quote:
slums in our city created by overcrowding by h1b holders not a problem too?

Did you not read your own source? The average wage offer for those jobs is over $80k. Sure, rent in JC is expensive, but those visa holders are not living in "slums."

Meanwhile, what does the EO actually do? Not much. It is going to... generate reports on H1B visa holders. And suggest reforms!!!

It didn't demand an investigation of all H1B visas issued. They aren't going to drag every H1B visa holder to the nearest ICE office and grill them. They aren't revoking visas. It doesn't even reduce the number of H1B visas that will be made available; Congress sets the amount.

At worst, they will just add another layer of paperwork to the H1B program.

More noise, no substance....

Posted on: 4/20 21:51
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Re: Dixon Leasing Cheating JC out of Taxes with the help of Rebecca Sysmes
#8
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Quote:

rcjcinsider wrote:
The scam is that 2 years ago, when the city tried to get the taxpayer's share for added assessment due to renovations, Dixon threatened the city with a $300K lawsuit and the assessments never happened. The scam outlined below is what the insiders came up with to protect Dixon going forward.

My job will be to expose the secret deals everyone has been making with the City and their cronies. One day at a time.

I work for the City and I am sick and tired of the BS that passes along one administration to the next

So, a bunch of allegations without proof. Happy Easter, everyone!

By the way, $300k doesn't sound like a big threat to me. Nor does it sound like those properties have any sort of immunity from the upcoming reval.

Posted on: 4/16 14:31
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Re: St. Anthony's High School is Closing
#9
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Quote:

Mao wrote:
The hierarchy hates schools because they take work and require faith. The charter school industry is like heroine to pastors. He closes the school which had been creating a deficit for the parish of say 500,000 yearly. THen he rents it out to a local charter- call the Masonic Ethical Charter School whose values are diametrically opposed to Christianity. What does the pastor care? He now gets $40k per month in rent- income greater than his old deficit. He can pop the Veuve Cliqoue because now he does not even need to curry favor with those pesky parishioners who want to worship God. The pastor can now take even more vacations and ply his boyfriends/victims with bigger gifts.
When the Son of Man returns will there be any faith left on earth?

Would you like some vermouth with your bitters?

I'm pretty sure the RCC would prefer to keep schools open and the pews full.

I don't see any signs that schools like the French Academy are a grand violation of Catholic principles.

Posted on: 4/6 16:37
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Re: PATH (pathetic attempt at transporting humans)
#10
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Quote:

JCishome wrote:
Just a point of clarification on this: The Warren Street ferry is $5.50/trip if you buy a pack of 10, and I think the monthly fare is $220 - so if you rode it more than 20 days/month the cost would be lower than that. At that pricing, it's not a bad deal to get out of the PATH nightmare.

Monthly for Paulus Hook to 39th is $275. WTC is $230.

That's still double the cost of the PATH. And again, it's convenient -- if you live in Paulus Hook, and work in the Financial District. If you live in The Village and work in midtown? Not so much.

Posted on: 4/6 13:39
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Re: PATH (pathetic attempt at transporting humans)
#11
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Quote:

Bamb00zle wrote:
Quote:

Dolomiti wrote:
Please, spare us the hysterics.

Here's what that PA spokesman was reported to say at that 2015 Hoboken meeting: “According to Coleman, the severity of the overcrowding at the Journal Square PATH station in particular was such that it had become a potential public safety problem...,”

Uh huh

That was in 2015, when he was defending a change to the schedule, which allocated fewer rush hour trains from the HOB-33rd line, to the JSQ-33rd line. (The trains went from every 6 minutes to every 7 minutes in Hoboken, so of course Hobokenites freaked out.) Oddly enough, we haven't heard about "dangerous" conditions at JSQ since then, despite ridership increasing.

Meanwhile, the new signals are in progress, and will be coming on line.


Quote:
And here's what the PA Chairman, John Degnan, himself says (from the WSJ June 5th, 2016): “Port Authority Chairman John Degnan said Jersey City shouldn’t approve new developments along the PATH’s route without making sure the system can handle the expected growth in riders. 'It’s irresponsible for a city to allow indiscriminate growth that’s going to tax public infrastructure beyond its capability,' Mr. Degnan said.”

Uh huh

Fulop is suing the PA for $200 million. It's not that surprising that they are slagging each other, pointing fingers and so forth.

Meanwhile, we all know Fulop shoots his mouth off, and attacks his political enemies in public; and Degnan is the guy who wanted to stop PATH service between 1AM and 5AM, ostensibly to cut costs. By the way, PATH loses money, PA hates it, most of Trenton hates it, did I mention?


Quote:
Serious injuries resulting from over-crowding on narrow PATH station platforms are foreseeable and avoidable.

Oh?

It is extraordinarily unlikely that the PATH system is the single most crowded commuter train system in the US, let alone the world. So let's see some actual statistics where overcrowded platforms resulted in "serious injuries."


Quote:
The kind of problem any reasonably competent transit agency should anticipate and prevent.

How?

Should they cut service between 1AM and 5AM? Save some money, open up a maintenance window? That went over like a lead balloon.

Can the PA single-handedly build a new tunnel? Nope. That will cost billions, will require federal funding, will require new stations, will require NY and NJ govs to sign off -- and since you missed it, NJ's current governor killed the previous attempt (ARC), took some of the PA funds dedicated to the ARC and spent it on other projects (like the Pulaski Skyway), thus burning any ties he had to Congress on infrastructure for years.

Can they increase train frequency by improving the signals? Yup. That's already in progress.

Can the PA command a halt to development in Newark, Harrison, Jersey City and Hoboken? lol

The only thing I've heard that sounds feasible is open gangway cars (preferably with wider entrances). IMO that's a good option, and would increase capacity by perhaps 10%. It will also require time and money to design, prototype, test, build and roll out the new cars. They'd also have to replace a fleet of relatively new cars.

Is there some obvious fix that you know about, that hasn't occurred to anyone else? I hear a lot of complaints and yet another portent of doom, but nothing constructive. So, what should the PA be doing differently?

Posted on: 4/6 13:26
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Re: St. Anthony's High School is Closing
#12
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Quote:

DouglasReynholm wrote:
developers will be salivating to get that land between 6 and 8 Street / Marin to Manila ! I've lived next to St A for 13 years, this sucks. Coach H always stopped to chat.

I'd say there is a pretty good chance it will stay as a school.

St Mary on 3rd Street closed as a Catholic school in 2011, and the building is now used by the French American Academy.

Posted on: 4/6 12:47
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Re: St. Anthony's High School is Closing
#13
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OK, I know this may shock some people, but:

Yvonne is mostly correct.

Charter (and magnet) schools have made a dent in private school attendance. Including Catholic schools.

However, that's not the biggest issue. The biggest problem is that tuition has escalated substantially over the years, rising much faster than inflation.

Catholic schools also face escalating competition from well-funded private schools, and demographic changes that result in fewer Catholic kids in urban areas.

That said, I concur with the view that this should not in any way, shape or form be a consideration in developing better public schools. No elected official should be dissuaded from setting up good public schools because it might reduce Catholic school attendance. That doesn't make any sense whatsoever.

Posted on: 4/6 12:43
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Re: PATH (pathetic attempt at transporting humans)
#14
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Quote:

Hamparkvet wrote:
The only solution will be to restore ferry services. The PATH Train is doomed.

Did I miss something? Ferries still run. They cost $8 per ride, because they're privately operated.

You also have to get to them. That's easy for people in Newport and Paulus Hook; difficult for everyone else downtown; effectively worthless for the rest of JC.

Posted on: 4/5 22:43
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Re: PATH (pathetic attempt at transporting humans)
#15
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Quote:

Bamb00zle wrote:
Quote:

Dolomiti wrote:
PA definitely have issues with responsiveness and transparency, and some of the large projects they work on go way over budget.

However, the PA does put out a 10 year capital plan. It includes adding cars ($150m), signal replacement ($278m), Harrison expansion ($142m).... Might be worth reading if you want to know what they're up to.
http://corpinfo.panynj.gov/pages/capital-plan/


Thanks, I see 50 new cars in the capital plan for the next 10 years. They have about 340 cars now, so 50 new cars is slightly under 15% increased capacity.....

FYI, that adds around 47,000 riders per day.

That's roughly equivalent to 940 buses. Per day.

Since not everyone who lives in JC works in NYC, and not everyone absolutely must be on the 8:18 AM train, and since (again) we've been hearing predictions of doom in this thread since 2008, what can I say? I've still got some optimism, certainly for the next 10 years.


Quote:
Where are their projections for service needs based on expected population and employment growth and commuting patterns?

No idea. Not sure how it matters, either -- they're not oblivious to the growth in the area.


Quote:
In the near future I expect to see PA police at station entrances during rush hour controlling the number of people entering.

Please, spare us the hysterics. Numerous MTA lines are worse than the PATH, and don't resort to Tokyo-style train pushers.


[QUOTE]As an aside, it was interesting to see the 78 million riders per year number in that PA document. PATH's overall annual deficit is over $400 million. Doing the math, that's about a $5 per ride deficit. Over 10 years, about $4 billion. Roughly the same amount as it cost to build the new WTC station the station Patrick Foye called “a monument to waste”. Think how much bond money $400 million annually buys, and what a properly run Agency could do with that money to improve the system. [/quote]
I... think you're a bit unclear on the concept here.

Here's the 2017 budget
http://corpinfo.panynj.gov/documents/2017-Budget-Book/

PATH ridership increased from around 72m in 2012, to around 80m in 2016, and they expect it to go up 2m this year

For 2017, estimated revenue is $198m
Operating expenses is $398m
Capital budget is $216m

So, that $416m in "subsidies?" That keeps the trains running, and pays for the upgrades you want.

Meanwhile, PATH is the red-headed stepchild of PA. Tolls, airports and rental of facilities make money; PATH loses money. No one wanted it in the first place. It's stunning that PA puts any resources into the PATH system.

Yes, big capital projects are difficult, they take longer than people expect, and they're easy to criticize. PA management also has lots of issues. That said, I'm fairly confident that it is much, much easier to armchair manage a multi-billion dollar multi-state agency that answers pretty much only to two governors, than to actually run the thing.

Posted on: 4/5 22:33
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Re: PATH (pathetic attempt at transporting humans)
#16
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Quote:

bodhipooh wrote:
Also, it should be noted that current JSQ / 33rd St trains run with 7 cars, not 8. So, if the station platform lengthening to 10-cars ever happens, it would represent a 40% capacity increase.

Regardless, I don't see that project ever getting off the ground...

You, uh, do know it's already in progress, right?

Part of the Harrison Station rebuild is to increase capacity to 10 cars.

It will take years, but it's already happening.

Posted on: 4/4 20:04
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Re: PATH (pathetic attempt at transporting humans)
#17
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Quote:

Bamb00zle wrote:
Quote:

bodhipooh wrote:
Quote:

erstrecs wrote:
Quote:
Once the number of trains in maxed out, then they're going to go from 8-car to 10-car trains. That's another 25 percent increase in capacity in addition to the 29 percent increase from the signaling upgrades.


But the current 8 car trains stretch the entire length of every station I'm aware of, how would a longer train pick up and drop off people?


The plan is to extend platforms at PATH stations. The NWK/WTC route should be able to accommodate the longer trains once Harrison is rebuilt and Grove is modified. For trains on the 33rd St lines, the platform elongating effort may prove too difficult/costly for it to happen any time soon.


Does anyone have a reliable source for the purported 29% increase in service after the signal system is complete?

I've never heard 29%.

Going from 7-car to 10-car trains increases capacity by 400 per trip.

Signal upgrades are going to "help" reach the goal of increasing capacity by 20%. I assume that optimistic number includes adding cars.

https://www.panynj.gov/path/systemwide-upgrades.html
Expand "New Signal System" and "Capacity"


Quote:
Train cars don't come cheap or quick, and with the Gateway tunnel and Midtown bus terminal rebuild projects sucking up vast amounts of PA cash over the next decade or so, I'm not holding my breath for any improvement in PATH service.

Actually, a bunch of the capacity improvements are already in progress.

Signal upgrades are underway, and are connected to mandatory improvements anyway

Harrison Station is already being redone, including the expansion

They've been adding new cars since 2009, and adding about 50 more starting in 2018


Quote:
It is very difficult to find reliable, trustworthy information about PATH. Too many vested interests, with too much money at stake for folks to be telling the truth....

PA definitely have issues with responsiveness and transparency, and some of the large projects they work on go way over budget.

However, the PA does put out a 10 year capital plan. It includes adding cars ($150m), signal replacement ($278m), Harrison expansion ($142m).... Might be worth reading if you want to know what they're up to.
http://corpinfo.panynj.gov/pages/capital-plan/

Posted on: 4/4 19:52
Top


Re: PATH (pathetic attempt at transporting humans)
#18
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Quote:

val7101 wrote:
You are probably confusing the alternate universe you are traveling in with reality.

Nope, I'm commuting in the real world. 5 days a week.


Quote:
Or else you are one of those people who just push into the train as long as they can get two toes in the door.

Not that either.


Quote:
Or just a troll on JC List with no actual experience.

Strike 3

As a reminder, ad hominems are not actually an argument.

Posted on: 4/3 19:54
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Re: PATH (pathetic attempt at transporting humans)
#19
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Quote:

JCGuys wrote:
[quote]
PATH has never increased service? Lol. Just lasy year they increased service on the JSQ to 33rd line. They do it very gradually and only when capacity hits critcal levels.

Do you have any articles on that? I haven't seen anything, only discussion that signal work on the 33rd line ended in January or so.

Posted on: 4/3 14:19
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Re: PATH (pathetic attempt at transporting humans)
#20
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Quote:

bodhipooh wrote:
Quote:

Dolomiti wrote:
Quote:

bodhipooh wrote:
Quote:

jcresident16 wrote:
seems we won't be able to use the PATH... Recent article says it's 37,000 new units - how are we going to fit?

https://jerseydigs.com/jersey-city-real-estate-development-2017/


If nothing changes between now and 2019 or 2020, and the trains become so crowded you can't get on one heading to NYC by the time it arrives at Grove, just take ride it one station away to JSQ, stay seated and ride it back to NYC.

So you're going to add 20 minutes to your commute, just to get a seat?

Is that what people are fretting about -- not getting a seat in the mornings? Seriously?


Your reading comprehension is a little poor, as others have already pointed out.

My reading comprehension is fine. I'm not the one who suggested adding 20 minutes to a commute just to get a seat. 0


Quote:
As for your other posts on this thread, don't you find it somewhat thought provoking that your experience is so different from that of (seemingly) everyone else?

Nope.

All I'm seeing here is a handful of anecdotal assertions, which don't match my experiences.

I've also commuted via public transport (and other methods), in several different cities, for longer than I care to admit. PATH is average; crowding is nowhere near as bad as the 4/5/6 line, or the trusty N line on the SF Muni....

Posted on: 4/3 10:38
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Re: PATH (pathetic attempt at transporting humans)
#21
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Quote:

bill wrote:
This file is from 2005 where they anticipated the the signal upgrades would be completed 2010-2015.

33rd st signal upgrade completed last year, has the service times increased since.

I may be wrong, but I believe they only finished installing the equipment for 33rd Street in February.
http://www.nj.com/traffic/index.ssf/2 ... alling_safety_system.html

My guess is they have to finish the WTC, and do a bunch of testing, before switching over to the new system.

Sounds like it'll be done in 2018.

Posted on: 3/31 13:06
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Re: PATH (pathetic attempt at transporting humans)
#22
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Quote:

val7101 wrote:
Quote:

Dolomiti wrote:
[quote]So you're going to add 20 minutes to your commute, just to get a seat?

Is that what people are fretting about -- not getting a seat in the mornings? Seriously?

Guess you've never taken the path during rush hour.

I take it every work day, and on weekends as well. During rush hour.


Quote:
You can't get IN the train.

Total nonsense. Even for Newport riders.

It can get a little crowded, but it is extremely rare that the train is so jammed you can't get on. When that does happen, there's usually a half-empty train right behind it.

You want crowded? Try the 4/5/6 during rush hour.

Posted on: 3/31 12:59
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Re: PATH (pathetic attempt at transporting humans)
#23
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Quote:

bodhipooh wrote:
Quote:

jcresident16 wrote:
seems we won't be able to use the PATH... Recent article says it's 37,000 new units - how are we going to fit?

https://jerseydigs.com/jersey-city-real-estate-development-2017/


If nothing changes between now and 2019 or 2020, and the trains become so crowded you can't get on one heading to NYC by the time it arrives at Grove, just take ride it one station away to JSQ, stay seated and ride it back to NYC.

So you're going to add 20 minutes to your commute, just to get a seat?

Is that what people are fretting about -- not getting a seat in the mornings? Seriously?

Posted on: 3/31 10:01
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Re: PATH (pathetic attempt at transporting humans)
#24
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Quote:

jcresident16 wrote:
seems we won't be able to use the PATH... Recent article says it's 37,000 new units - how are we going to fit? /

I just have to point out, this thread started in 2008... with a poster named scooter worried that the PATH will be overwhelmed with riders in "the next few years." Apparently, a track condition on one single day demonstrated that the entire system was doomed.

Somehow, that Malthusian nightmare did not come to pass.

As to your question: PA is already taking several steps to increase capacity. One is that they are revamping the signal system, both to meet new federal requirements, but also to allow them to run more frequent trains.

They are also expanding the Harrison station, to allow 10-car trains on the WTC line.

Posted on: 3/31 10:00
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Re: Wow - LSC's Updated Plans for SciTech Scity
#25
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Quote:

light12v wrote:
CITY COUNCIL DID NOT CREATE LIBERTY HARBOR REDEVELOPMENT PLAN A COUPLE OF MONTHS AGO.
THEY MERELY AMENDED IT FROM IT'S 1973 CREATION TO PAVE THE WAY FOR FULOP'S VISION OF SCITECH CITY 2015,, AFTER DOING NOTHING FOR 2 YEARS ,, AND PUSHED IT THROUGH ON 01/25/17...WITHOUT DUE PROCESS SUPPORTED WITH ONLY SLOPPY PLANNING DIVISION WORK/MAPS & RENDERINGS.... IN A BUMS RUSH TO MEET FULOP'S ELECTION YEAR TIMELINE REQUIREMENTS.

Please, stop "shouting" at us. Thanks


Posted on: 3/29 10:55
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Re: Wow - LSC's Updated Plans for SciTech Scity
#26
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Quote:

Monroe wrote:
Anyone saying this land is worthless is missing the fact that a plot half as large, across the street, sold for $35 million dollars TWO YEARS AGO.

No one is saying it's worthless.

Please, stop with the fallacious arguments.


Quote:
And dolomiti, do you think Fulop is going to make people from downtown drive Grand/Pacific/Johnston/Phillips to get there....

I think he wants to connect those roads. I haven't seen anything that says it's a lock. Until that happens, it's not going to affect property values.


Quote:
And yes, if the donors were donating the money-why would JC have to wait for (whoever it is) to be paid back first?

Like I said, I have no idea why they picked the $78 million figure. I agree it's confusing.

But for at least the 4th time... They can't call it a "donation" if the donors are going to get their money back. That's not a donation. That's a loan. I'm pretty sure it is seriously illegal to deliberately mischaracterize a loan as a donation.


Quote:
And in the revised plan, JC will be getting half the 'profits' (if any) from the get go.

It's a jello plan. You can't grab it, you can't examine it.

What "revised plan?" I haven't heard anyone discuss giving JC getting 1/2 the profits right off the bat.

Posted on: 3/28 10:20
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Re: Wow - LSC's Updated Plans for SciTech Scity
#27
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Quote:

WhoElseCouldIBe wrote:
Quote:

Dolomiti wrote:
[quote]
That's not my understanding.

1. LSC fundraises and gets $78m from donors
2. LSC will invite investors for another $55m worth
3. LSC takes out loans for the rest of the project
4. Nothing has to be repaid to the donors
5. The city starts getting paid for the land, after the project makes $78m in profits; they are paid 50% of subsequent profits.
6. Once the land is paid off, the city's share drops to 20%.


In my opinion, not getting paid back until $78m in profits was a poor deal for JC. JC should be getting a % of revenues from day 1. It doesn't have to be 50% - it could even be 1-5%.

It could, but my guess is that the goal here is to ensure that the project succeeds. Draining funds in the early stages won't help, so there would have to be some deferment.

And again, Scitech is building a STEM-oriented public school there, and ensuring there is a low-rise and socially beneficial project there (as opposed to yet another round of condos, or a convention center). So deduct the cost of that construction from your estimates.


Quote:
But the current deal just incentivizes LSC to delay profitability. Or redefine what profit is (using accounting tricks).

The incentives to cheat are always present. There is nothing about this deal which increases the odds of that happening.

Posted on: 3/28 9:45
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Re: Wow - LSC's Updated Plans for SciTech Scity
#28
Home away from home
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Quote:

stc4blues wrote:
I still don't understand what's going on with this $78M. De we have:

1. Doners' giving $78M to a non-profit entity, which then
2. loans it to a for-profit entity (against the value of the land?),
3. which must then repay the loan to the non-profit entity. Hence,
4. The City's 50/50 split of the net doesn't kick in until that loan is repaid.

Is that what's going on?

That's not my understanding.

1. LSC fundraises and gets $78m from donors
2. LSC will invite investors for another $55m worth
3. LSC takes out loans for the rest of the project
4. Nothing has to be repaid to the donors
5. The city starts getting paid for the land, after the project makes $78m in profits; they are paid 50% of subsequent profits.
6. Once the land is paid off, the city's share drops to 20%.

Posted on: 3/24 11:24
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Re: Wow - LSC's Updated Plans for SciTech Scity
#29
Home away from home
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Quote:

Monroe wrote:
@dolomiti, the Jersey Avenue is a done deal....

Show me the paperwork.

Better yet, show me the bridge.


Quote:
Here's Fulop on this

The city would share in revenue only after profits hit $78 million. That is the amount in donations from LSC's donor base that LSC expects to divert to SciTech Scity to get the project moving, according to Fulop.

Now why wouldn't the donors just give the 'donation' to the LSC new project? Why does it need to be paid back?

Holy ****.

The donors ARE giving their donations to the LSC for the project.

THE DONORS ARE NOT GETTING ANYTHING BACK.

Read it again. The phrase "PAID BACK" is never used in that paragraph, or in Fulop's post.

Nothing in there says the donors get repaid. The deal is structured so the City only starts getting paid back after the project has turned a profit of $78m. That number could have been $50m or $20m or $150m.

Again, I have no idea why they picked $78m, I'd say they should have selected a different number to avoid confusing people.

The more legitimate complaint is that it's going to take a long, long time for the city to be repaid. While I for one do not care, at least that complaint makes sense.

Posted on: 3/24 11:16
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Re: Wow - LSC's Updated Plans for SciTech Scity
#30
Home away from home
Home away from home


Quote:

Monroe wrote:
@dolomiti, if it's not a loan, why does whoever put up the $78 million get it paid back (ahead of the city, who is giving up a very valuable piece of land without which the project is impossible?)

How many times and ways do I have to say it?

THEY ARE NOT GETTING REPAID.

That's why it is called a donation. When I donate money to the Metropolitan Museum of Art, I do not expect to get it back, it's not a loan, I am not going to get repaid.

Nothing in anything I've seen suggests that the donors will be paid back. Nothing. Nothing.


Quote:
As far as the costs of operating a school, if only the building is 'free' shouldn't JC project what the other costs are...

Good gravy. Does that really matter? Should we start closing existing schools because having more schools incurs some additional costs?

Yes, it will cost a bit more to add a school. But opening a new school does not add students to the district. We have to pay for their education one way or another. The hope is that the added costs for the school will be accompanied by improved outcomes for the students, which also enhances the reputation of JC.

Posted on: 3/24 11:08
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