Friday, April 17, 2009

Time4Change's Tony Perillo Responds to APPress

(Failure is not an Option – APP Editorial – April 12, 2009)

You’re right that redevelopment plans must be dealt with “openly”, which would be a first for Asbury Park. But why isn’t anyone asking why the current Council did not publicly disclose the status of Metro Homes, a developer facing foreclosure on its Esperanza project, nor its negotiations with Asbury Partners? Who are the lenders? Have they even been named let alone quoted? Too many negotiations have been conducted behind closed doors with costly consequences -- yet they continue.

I agreed with much of your editorial with the exception of what I was supposed to have said – that Asbury Partners’ “bank had foreclosed on its loans”. You referred to this statement as a rumor but it was obviously extracted from your reporter’s article on Asbury Partners wherein she misquoted me. What I actually said at the Candidates’ Forum held at Asbury Tower on April 6, 2009 was that Asbury Partners’ “lenders are ready to foreclose on them.” (You can hear the statement in a sound file at

I’m somewhat amazed that it took my comment at a public forum to get your paper to report on the dire financial situation on the Waterfront. Asbury Partners verified my statement by elaborating for you on its current negotiations with its lenders, further validating my statement. It should be obvious to anyone that lenders do not voluntarily offer to restructure loans unless there is a danger of default.

This was not just a lucky guess on my part. I’ve made a living negotiating contracts and managing the finances for a Global Fortune 50 Company. Managing a city, even a small one, undergoing a multi-billion dollar redevelopment at any time, let alone during these economic times, requires expertise and experience. That’s why I’m running with the Time4Change ticket for election to Asbury Park’s City Council this May 12th.

Tony Perillo
Asbury Park -- 732-774-4843

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