Articles on the Burlington Coat Factory Property in Edgewater Park

Check the link below for information on the Burlington Coat Factory;

Link 1

http://www.costar.com/News/Article.aspx?id=8BF2590E41B392530B05DF90ACC7A547>

Link 2

http://www.costar.com/News/Article.aspx?id=8BF2590E41B392530B05DF90ACC7A547

CASH CRUNCH FALLOUT: DISTRESSED COMPANIES CLAMOR FOR SALE-LEASEBACK DEALS
While investment sales have tanked in most U.S. markets across every property type, interest remains keen in sale-leaseback transactions as more cash-strapped companies look at their non-income-producing assets as an alternative capital source for reducing debt or funding operations. Businesses of all types, under pressure to quickly boost liquidity...

CoStar Group, Inc.
2 Bethesda Metro Center, 10th Floor
Bethesda, Maryland 20814  USA
Tel: 800-204-5960
http://www.costar.com/

Doesn't this sales activity void the Tax Abatement Agreement that the Burlington Coat Factory has with our Township? It does unless the Township Committee approved the change of ownership at a public meeting and we are unaware of this being voted on during a public meeting. 

Are the new improvements just made to the interior of the Coat Factory also being abated? If you make improvements to your home and have not applied for an improvement abatement, your property tax assessment will increase when the inspector closes the building permit application. You only get a five year abatement on any improvements you make to your home. Does this five year time limit also apply to commercial property, or will the Coat Factory get another 30 year abatement on the improvements they just completed.

Who is the responsible Township Official that is to oversee and make sure that the Burlington Coat Factory is complying with the terms of the Tax Abatement Agreement, approved by three members of the 2001 Edgewater Park Township Committee? What township official is responsible for watching out for the Edgewater Park Taxpayers?The Administrator, Mayor, Committee, the Solicitor, Anybody?

We have to laugh about the Township Solicitor looking out for us taxpayers, because according to previous Township Committeeman and Committeewomen, he represented the Coat Factory in the 2000/2001 Tax Abatement negotiations with Edgewater Park Township, so that would be a conflict, correct? And guess what; the current Municipal Judge, was the Township Solicitor at the time of the Tax Abatement negotiations. Cozy little group wouldn't you say. 

There are other business/personal relationships between township officials and our township professionals that need to be checked out and if true brought to the taxpayer's attention. As anyone knows, it is a small world and our lives cross the paths of many people in our personal/business dealings, but when you are a public figure, you have a duty to inform the public of these relationships when dealing with the public's business. This disclosure policy is good for both parties in a position of public authority.  

Enough of the sermon, we at this Blog would encourage any concerned Edgewater Park Taxpayer, to ask questions at a Township Committee Meeting about the Tax Abatement Agreement, but be warned that the evil eye of the Township Officials will then be turned on you and you can expect real problems to start occurring in your life. Just a word of advice.

The Edgewater Park Reporter