Drivers are advised that the eastbound lane of Route 117 will be closed from Route 9 to Beech Hill Road/Bedford Road (Route 448) on Tuesday, Oct. 23 between the hours of 9:00 a.m. and 2:00 p.m.
The notion that GameOn will be bringing $5 million to Greenburgh over the course of its Lease is outrageous as it implies some action that this will work to the benefit of Greenburgh taxpayers.
Because the Town is the owner, Feiner has chosen to lump the District taxes etc. (Fire, Sewer, School) into what he calls rent. “Rent” to those understanding real estate language is the payment that goes to the Lessor (Town) for use of the property (in this case a land lease); taxes, maintenance, whatever are referred to as additional rent. Thus, the true “rent” that GameOn is paying is much, much less than what both Feiner and GameOn want you to believe.
Second, any tenant would be obligated to pay these taxes. And any new owner of the property were it be sold would be responsible for these taxes.
The Town came into possession of the property because it “foreclosed” on the former owner because of arrears in taxes. The amount still owing is around $1,400,000 which will never be recovered through any lease to GameOn. An outright sale, however, would do so. And were the Town interested in getting this money back, a lease with GameOn could have done so by language included in the Lease: think “key money”.
And what is GameOn getting for their “largesse”? Well, the principals of GameOn are only guys seeking to erect an almost eight story high bubble (not so clear from the overhead view) and they intend to do this with “other people’s money”, not that there’s anything wrong with that. Their equity in the deal comes down pretty much to providing a 15 year lease with the Town, not that there’s anything wrong with that. And, by the way, there is no rent being paid until the bubble receives a Certificate of Occupancy which follows all the permits, zoning change, height variance, traffic and enviro remedies etc. So it could be three years before the Town receives even a dime of this “rent”. Or, how a 15 year Lease really means perhaps 18 years from now—a convenient expiration set for after Feiner likely has retired as Town Supervisor.
But why is GameOn being so “generous” and bringing all this money to the “Town”? Well if you were to believe the Business Plan they are sending to potential investors, during the first five years of their “15” year Lease they project NET income of $17+million. That’s right, they’re paying 15+ years of “rent” (remember above) to the Town of only $5 million yet expect to earn $17+ million in only five years. Feiner has seen the Business Plan before negotiating the Lease and for certain could deduce that GameOn could be a little more generous in paying “rent”. This, of course, assumes that GameOn is being honest and not playing a game with its potential investors.
Having conducted a tainted and corrupt Request for Proposals without first obtaining an appraisal to determine the property’s worth (Feiner steering the deal to GameOn), the Town asked “anyone have any ideas” instead of we have a property to rent: the asking prices is $__ a year plus taxes. Odd isn’t it that GameOn was the only respondent seeking to lease? The Town, with but one response
the Town married GameOn instead of withdrawing the property from the market and rethunk what went wrong? Perhaps the lack of an appraisal, perhaps the uncertainty of the known soil contamination, perhaps the lack of advertising or hiring of a real estate broker, perhaps, perhaps…
Obviously the outcome of this crooked deal will be determined by the Court and all these objections raised by mere residents are “noise” in the background.
One thing I wish to make clear though. It is not about providing recreational activities for residents, indoor soccer for kids or limited use of an indoor track to seniors—which is how Feiner wants voters to perceive the Referendum. This could still be possible (remember $17+ million in just five years) were the Town to have negotiated a fair and honest Lease (if a lease is allowed by law—the idea of a sale is based upon recovering the $1.4 million of unpaid taxes) which would generate real revenue to the Town and all the bases were in fact touched as Feiner and GameOn ran around them in their self-promoted “home run”.
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