Tag: Ridgewood Real estate

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Donovan Defends Support for Investment in “White Elephant” Xanadu

An Open letter:

Dear Dennis:

There you go again. Trying, clumsily I might add, to misrepresent my positions. But this time you’ve shown that you don’t know the difference between a bailout and an investment. Let me help you.

What I have tentatively endorsed for Xanadu is a tightly controlled public investment in a project which has already received more than $2 billion of private investment with more on the way. This investment would be unlike the deal you and your Democrat friends made with your cronies at EnCap. You remember. The deal which resulted in the public loss of tens of millions of taxpayer dollars. The deal which generated a scathing report from the Inspector General and is now rumored to be under investigation by the US Attorney.

The investment in Xanadu will create thousands of construction and full time jobs and be repaid by revenues generated by the development. Dennis, do you oppose investing in job creating projects? Don’t you want to help unemployed Bergen County residents?

You said that the investment I support is a “bailout” for billionaires. Dennis, if you’re referring to Steve Ross of the Related Companies I’ll bet he’s surprised he needs a bailout–he’s not even there yet, is he?

Dennis, no wonder the County’s finances are in such bad shape. But now that you know the difference between a bailout and an investment I hope that you’ll join with me in supporting economic growth and job creation at Xanadu. Working families in Bergen County are hoping that you’ve seen the light.

Sincerely,

Kathleen A. Donovan

>Parent donations help fund new field lights

https://www.northjersey.com/news/99037239_Parent_donations_help_fund_new_field_lights_in_Ridgewood.html

Thursday, July 22, 2010
BY JASON BRAFF
The Ridgewood News
STAFF WRITER

The Board of Education (BOE) is going to get by with a little help from its friends.

About a dozen local parent-based sports organizations have committed to help fund a lease-purchase agreement for field lights at Ridgewood High School’s (RHS) Stadium Field and Stevens Field.

The groups have pledged to the BOE a payment of $106,000, which would cover the first year of the lease-purchase agreement, and would subsequently pay no less than 40 percent of the full payment for each of the four remaining years of the lease.

The BOE voted to accept a bid costing about $500,000 to install both sets of lights at a meeting on Monday night.

“In the development of the bond referendum, the idea of lights being put in the fields was discussed and was a part of the planning, but it was made clear that without assistance we would not be able to afford this,” Fishbein said at the meeting.

The private groups will donate about $40,000 a year to the board in 2011, 2012, 2013 and 2014 to help offset the annual cost of $105,000. The total project will cost $498,500, according to Assistant Superintendent for Business Angelo DeSimone. The $65,000 a year that the board will be responsible for will come out of its budget for those four years. According to DeSimone, however, the board hopes to subsidize those costs through another fundraising effort from private groups that offered to help raise money for naming rights on the new turf fields.

“We’re going to be looking at other ways to raise money to defray the costs of the lease payment,” DeSimone said in an interview after the meeting. “But right now the board is committed obviously to the full financial obligation. The right answer as we sit here today is that we’ll have to put the next payment in the school budget.”

In December, voters passed a $38 million bond referendum, which will cost the average taxpayer about $300 a year for the next 25 years, by less than 100 votes; the money will help fund major renovations and additions across the district. Fishbein said the bond referendum bids accepted for the first rounds of referendum projects have come in favorable to the district, and district officials hope the savings may be able to help subsidize the final years of the lights payment if it has not been already paid for through donations.

full article : https://www.northjersey.com/news/99037239_Parent_donations_help_fund_new_field_lights_in_Ridgewood.html

>California Official’s $800,000 Salary in City of 38,000 Triggers Protests

Hundreds of residents of one of the poorest municipalities in Los Angeles County shouted in protest last night as tensions rose over a report that the city’s manager earns an annual salary of almost $800,000.

An overflow crowd packed a City Council meeting in Bell, a mostly Hispanic city of 38,000 about 10 miles (16 kilometers) southeast of Los Angeles, to call for the resignation of Mayor Oscar Hernandez and other city officials. Residents left standing outside the chamber banged on the doors and shouted “fuera,” or “get out” in Spanish.

It was the first council meeting since the Los Angeles Times reported July 15 that Chief Administrative Officer Robert Rizzo earns $787,637 — with annual 12 percent raises — and that Bell pays its police chief $457,000, more than Los Angeles Police Chief Charlie Beck makes in a city of 3.8 million people. Bell council members earn almost $100,000 for part-time work.

City Attorney Edward Lee said the council members couldn’t discuss salaries in public without advance notice. The council then adjourned for a private session. About an hour later, the council members returned, and Hernandez read a statement saying the city would prepare a report on the salaries and seek public comment at the next council meeting, scheduled for Aug. 16.

Residents shouted in protest. Lee said he would have the room cleared if people continued to speak out of line. Police Chief Randy Adams said the fire department wanted to end the meeting because the crowd outside was blocking the door.

for story…
https://www.bloomberg.com/news/2010-07-20/california-official-s-800-000-salary-in-city-of-38-000-triggers-protests.html

>Ridgewood mortgage broker pleads guilty to fraud scheme and wire fraud, names Bergen County Improvement Authority chairman as co-conspirator

Written by Carmine DeMarco

Thursday, July 22, 2010 01:25 PM

https://bergennow.com/news-and-events/1-county-level-news/1652-bergen-county-improvement-authority-chairman-ronald-omalley-bcia-commissioner-mortgage-fraud-scheme-diversified-financial-group-residential-mortgage-corporation-edward-olimpio-rachell-fischbein.html

RIDGEWOOD, N.J. – The co-owner of Ridgewood, New Jersey mortgage brokerage firm Diversified Financial Group, d/b/a Residential Mortgage Corporation, and a former firm employee, both pleaded guilty today to wire fraud conspiracy in connection with a mortgage fraud scheme. In the process, the broker named the firm’s co-owner, Bergen County Improvement Authority Chairman Ronald J. O’Malley, as a co-conspirator in the fraud scheme.

Edward Olimpio, 47, of Boonton, New Jersey, and Rachell Fischbein, 28, of Hillsdale, New Jersey, both entered guilty pleas before United States District Judge Susan D. Wigenton, admitting that they conspired with each other and others – including a co-conspirator who during the relevant time period served as the Chairman and a Commissioner of the Bergen County Improvement Authority (BCIA) – to commit wire fraud in connection with fraudulent mortgage and home equity loans brokered by Residential Mortgage between 2006 and 2009.

According to an unnamed source, the BCIA commissioner named in court today was current Chairman Ronald J. O’Malley.

The federal court Information identifies the co-conspirator as “CC-1”, who “was a co-owner and principal of Residential Mortgage” along with Olivio. According to online sources of corporate information, such as Dunn & Bradstreet’s Hoovers service, O’Malley is on record as an owner and officer of Residential Mortgage.

Read the full story:
https://bergennow.com/news-and-events/1-county-level-news/1652-bergen-county-improvement-authority-chairman-ronald-omalley-bcia-commissioner-mortgage-fraud-scheme-diversified-financial-group-residential-mortgage-corporation-edward-olimpio-rachell-fischbein.html

>Since so many in the Village want to follow Newark’s example here is an idea for Ridgewood  !

Mayor orders Newark government to stop buying toilet paper

https://www.nypost.com/p/news/local/mayor_orders_newark_government_to_Vs0HlxVC631kUsEb2jCbML?CMP=OTC-rss&FEEDNAME=

Things are getting so bad in Newark that the mayor has ordered the government to stop buying toilet paper.

It’s part of Newark Mayor Cory Booker’s belt-tightening plans that include reducing most city workers to a 4-day work week and shuttering city pools. Booker estimates that the pool closures alone would save $250,000. He also says that no gas will be purchased for municipal vehicles that are not deemed critically important.

Police officers, firefighters and sanitation workers would not be affected by the furlough plan. City workers were already bracing for furloughs starting in August. The number of unpaid days would increase from 11 to 19 with Booker’s plan.

The city budget shortfall is $70 million and Booker plans to meet the revenue shortfall with budget cuts instead of property tax increases.

“Taxes can not be the answer,” Booker said.

Booker says property taxes in Newark have gone up 76 percent in last decade and 19 percent in the past five years.

To read more, go to MyFoxNY.com.

https://www.nypost.com/p/news/local/mayor_orders_newark_government_to_Vs0HlxVC631kUsEb2jCbML?CMP=OTC-rss&FEEDNAME=

>Christie- Parochialism could kill Meadowlands – A.C. overhaul

Gov. Chris Christie said Wednesday that parochialism among factions in and out of Trenton could derail his ambitious plans for an overhaul of the Meadowlands and Atlantic City.The governor was referring to a study issued by his advisory commission on New Jersey Gaming, Sports and Entertainment that recommends massive changes to both areas including public private partnerships and the possible privatization of some state owned venues, the creation of a “Clean and Safe” Tourism District in Atlantic City potentially run by the state and aid to the Xanadu shopping and entertainment complex to help the troubled project come to completion.
(Isherwood, PolitickerNJ)

https://www.politickernj.com/christie-parochialism-could-kill-meadowlands-ac-overhaul

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(photo by https://www.artchick.biz/)

The Kasschau Memorial Shell is an outdoor amphitheater located on Veteran’s Field, behind Village Hall

at 131 N. Maple Avenue. It was dedicated in 1958 as a tribute to Frank Kasschau, an accomplished and

beloved musician in Ridgewood.

The Kasschau Memorial Shell operates under the auspices of the Village of Ridgewood, Department of

Parks and Recreation, to provide a variety of free quality family entertainment twice weekly from early

June through mid-August. In addition, many local organizations and businesses provide much needed

funds to support these programs.

2010 Schedule of Programs – 8:30 p.m. performances

7/22/2010 McVey Family and Friends Broadway and Beyond
Sponsored by A.M. Rotary and Boiling Springs Savings Bank
Bring a chair and enjoy this free concert under the stars! Begins at 8:30PM on Vets Field.

7/27/2010 Rio Clemente – Bishop of Jazz
Sponsored by Hudson City Savings Bank
Bring a chair to Vets Field and enjoy a free concert under the stars! Begins at 8:30PM.

7/29/2010 Yester Daze Doo Wop
Sponsored by the Ridgewood News

8/3/2010 Marlene VerPlanck Sponsored by Valley National Bank and Village of Ridgewood Tuesday, august 3 at 8:30PM on Vet’s Field enjoy American and Popular Jazz at a free concert under the stars! Bring a chair and enjoy!