Tax Information And Guide

Tax Software Middlesex County has paid more than $2 million in fees to a bevy of politically connected lawyers, engineers and accountants in an effort to acquire a 400-acre brownfield along Sayreville's waterfront.

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Software Tax The county's improvement authority teamed up with Sayreville three years ago, hoping to transform the former National Lead paint manufacturing plant into a thriving commercial gateway.

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Every Landlord Tax Deduction But negotiations to buy the land have been mired in legal disputes over the value of the land and the extent of contamination on the property.

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Tax Help "It's unbelievably frustrating," Sayreville Mayor Kennedy O'Brien said.

Help Tax County documents show five law firms, two appraisers, two environmental consultants, two title search companies, an engineering firm and a financial advisor have profited handsomely from the legal quagmire.

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Ernst Ernst Guide Guide Tax Those same firms have contributed at least $438,800 to the Middlesex County Democratic organization since 1998, when Sayreville first began studying the possibility of redeveloping the land.

Tax Return Susan Wisniewski, a local activist who has been monitoring the Sayreville redevelopment agency, was shocked by the consultants' tab.

Return Tax "People are generally disgusted," Wisniewski said. "It seems like a lot of money has been spent and nothing really concrete was done."

Guide Guide Master Master Tax But Freeholder Director David Crabiel said the fees are legitimate.

Tax Preparation "We watch the fees carefully, but you've got to remember we're in litigation," Crabiel said. He said if the county wins in court, the cost of acquiring the land will be reduced and it will make it well worth the cost.

Preparation Tax Before the consultants' bills are approved, they must be reviewed by the Sayreville Economic Redevelopment Agency, a project manager at the county improvement authority and the county treasurer. The bills are paid from the trust fund the county established in 2001, when the short-term notes were sold.

Employer Tax Guide The biggest bill, $630,503, was submitted by Waters, Pherson, McNeill, a Secaucus law firm, which had been lead counsel. About a year ago, the firm was replaced by Wolff & Samson of Roseland, which received $287,711 in fees. State Attorney General David Samson was a partner at Wolff & Samson before Gov. James E. McGreevey tapped him for the state's highest law enforcement post.

Tax Services Three other law firms have also worked on the project: DeCotiis, Fitzpatrick, Gluck, which is based in Teaneck, received $388,582; Wilentz, Goldman & Spitzer of Woodbridge was paid $23,142 and Venezia & Nolan of Woodbridge received $3,834.

Services Tax The five firms are major contributors to the Middlesex County Democrats, donating more than $300,000 since 1998, according to the state Election Law Enforcement Commission.

Master Tax Guide The project has also racked up costly engineering and accountants' fees. CME Associates of Parlin was paid $344,214 for engineering work, and Ernst & Young, financial advisors based in Woodbridge, received $142,637. Both firms also are political contributors. CME gave $32,150 to Middlesex County Democrats and Ernst & Young donated $106,600 to the party.

Tax Attorney The fees are being paid out of $16.5 million in one-year notes the county issued in January 2001 in anticipation of buying the land. The county did not predict the legal battle with National Lead.

Attorney Tax "It's awfully hard to close a deal without cash," County Treasurer James Phillips said.

Guide Law Tax The county refinanced the notes last January and again last week. The one-year notes issued last week, underwritten by Commerce Capital Markets, will cost county taxpayers $193,000 in interest payments this year, according to the underwriter's bid proposal. Commerce offered the county a net interest rate of 1.17 -- beating out four other bidders.

Tax Accountant Phillips said the county routinely sells short-terms notes to begin a project because the interest rates are low. As it nears completion, the county will convert the debt to long-term bonds, which have to be paid back over 20 to 30 years.

Accountant Tax The notes issued last week must be paid off in 2004. By that time, Middlesex will have paid nearly $600,000 in interest since 2001 on the National Lead project.

Circular Employer Tax Guide Phillips said he's investing the proceeds on the notes and earning almost a percentage point more than the interest costs. Under state arbitrage laws, however, the county can roll shot-term notes over only three times.

Income Tax O'Brien said when the county and Sayreville teamed up, their plan was to recoup the debt cost from the developer.

Us Master Tax Guide "That's always been our premise," he said.

Property Tax For 47 years, National Lead operated a paint pigment manufacturing plant on the site. But in 1983, it closed down after a bitter strike. Several years ago, the company razed all the buildings and began cleaning up the contaminated soil. But much of the property remains polluted.

Irs Tax Form Five developers have submitted proposals -- offering an array of plans including a town center, a sports arena, office building and even a religious shrine. None of the plans have gotten off the drawing board, however, because the land still belongs to National Lead.

Form Irs Tax County officials hope there is s breakthrough when Superior Court Judge Robert Longhi rules on a crucial issue in the condemnation proceeding. Sayreville argued the cleanup costs have to be considered in estimating the value of the property. A recent appeals court decision involving contaminated land in New Brunswick, supported Sayreville's stance. Longhi is expected to hand down his ruling within a few weeks.

Tax Guide For Trader By Diane C. Walsh
Star-Ledger - 1/12/2002

Topic: Toxics

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