Special Assessment Ordinance FAQ for Residents in the Waterfront Development Area

Special Assessment Ordinance FAQ for Residents in the Waterfront Development Area

Please note: The Special Assessment Ordinance that was mailed to you is regarding the Asbury Hotel and Asbury Lanes projects.

Is there a cost to me or anyone else?

No. There is absolutely no cost to anyone except iStar who owns the Asbury Hotel and Asbury Lanes.

So what does this Ordinance mean? 

The Master Developer (iStar) approached the City about expanding a component from the Asbury Hotel project to the Asbury Lanes project (iStar owns both but under different names). In order to legally do this, iStar and the City had to amend the terms of the existing Financial Agreement for the Hotel project.

What were the terms to amend the existing agreement?

The Financial Agreement was amended to increase the Unpledged Portion (this is the amount that the City keeps as revenue) for an additional $17,500 in 2018, $30,000 in 2019 & 2020, and $35,000 annually until the agreement terminates.

Do I have to do anything at this time, or at any time?

No.

If there is no cost to me, and I do not have to do anything, why did I receive this?

The law says you have to receive notification whenever a Financial Agreement is amended. The documents you received are the legal notifications.


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