North End Committee Update June 2015

At the April 27th 2015 Neptune Township Committee meeting, a new conceptual NE plan for the North End was presented by Committeeman Randy Bishop on behalf of the developer WAVE. The concept plan reduces the size of the hotel and number of condo units by approximately 50%, while increasing the number of single family homes and providing on-site parking exceeding RSIS standards. In addition, the OGCMA and WAVE have agreed to make WAVE the primary developer.

The Township Committee has stated the next steps for NE are 1) WAVE must give the Township the financials and principals before the Committee will act on a resolution to release the CMA as a co-redeveloper, 2) The Redevelopment Agreement will be negotiated with the Developer. After the Township and WAVE reach an agreement on a Final Redevelopment Plan, WAVE would prepare and submit detailed plans to the Planning Board and HPC.

During the public comments section of 5/21/2015 Township meeting, the NE Committee brought to the attention of the Township Committee that the concept plan showed the 4 Boardwalk building having four floors being raised from its current 2 ½ floors. The NE Committee also pointed out the 2008 North End Redevelopment Plan (NERP) that states on page 14 that 4 Boardwalk shall be limited to 2 ½ floors and 35 feet. Subsequently this has been corrected, Neptune Township provided the NE Committee with the corrected document showing no changes to the 4 Boardwalk existing building – NERP Updated Conceptual Plan.

During the public comments section of the 6/8/2015 Neptune Township meeting, NE Committee asked if the Township has received information from WAVE regarding principals and financials information. The Township reported they had received information from WAVE that day. NE committee filed an OPRA request and obtained the following information about WAVE – NERP WAVE Info. WAVE is comprised of Gannon Development 50% and Vertigo LLC 50%. Bill and Paul Gannon are each 50% members of Gannon Development. Vertigo includes Louis J. Carr Family Partnership, DFI Group, Hayes Holdings, and Aria Investment Group with the percentages of ownership to be provided.

The WAVE information document also lists the various consulting firms being used by WAVE. The April 2015 Memorandum of Understanding (MOU) includes the details of the ground rent payments for the hotel, condos and single family homes.

As of June 22, 2015, the Township has not received the WAVE financials or the percentages of the 4 entities that comprise Vertigo. This information is required to move forward on releasing the CMA as co-developer. The Township is currently in negotiations for the Redevelopment Agreement and the NE Committee reminded the Township Committee in particular the four members that are doing the negotiations – Mayor Mary Beth Jahn & Committee Person Randy Bishop, Mr. Gadaleta (Business Administrator) and Mr. Anthony (Township Attorney) of the North End OGHOA Priorities from April 2011 that still apply in today’s negotiations.