Special Bulletin from Presisdent Marshall Chandler 

October 6, 2011

Dear Neighbors,

 

It is my duty, as President of the Radburn Citizen’s Association, to share some news with you.  This is about Landmark, the developer with whom the Board of Trustees signed a contract to sell Daly Field for high density development.

 

Landmark Homes, aka Bergen Development Corp., already owns the Hayward parcel, which adjoins Daly Field.  I have learned that Landmark has not paid any taxes on the Hayward parcel in over a year and a half, and is delinquent to the borough of Fair Lawn by $84,000.  Their unpaid tax lien was sold this summer at auction to an investment firm, M.D.Sass.  Landmark now has two years to pay their overdue taxes, plus 18% interest to the lien holder.

 

What does all of this mean?

 

While the Radburn Association is under contract to sell them Daly Field, Landmark has not even paid the taxes due to Fair Lawn on the land they already own.  Should they be unable to make good on the lien, will M.D.Sass become the new owner of the Hayward parcel?  Then what happens?

 

The contract that the Radburn Association signed last fall gives Landmark until 2014 to make the purchase.  It also prevents Radburn from entertaining any other offers.  Landmark may get some investors to lend them the large sums needed to pay their taxes, execute the purchase, and begin construction.  Should this happen, will they be able to finish what they start, or do we risk having an uncompleted project?

 

The board of trustees has received assurances, from our attorney Michael Ferro, that Landmark is going to bring their taxes completely current soon.  How?  Are they borrowing the money?  From whom, and on what terms?  We all know that banks insist on identifying the source of all funds that buyers bring to a mortgage.  Shouldn’t we be getting real facts about the financial fitness of this developer?  I am concerned about the financial viability of Landmark and all that implies.

 

I am also deeply concerned about the expense and the quality of the counsel the trustees are getting from their current law firm.  Remember, at the time Radburn’s attorney presented the trustees with the revised contract last fall, Landmark was already nearly a year in arrears on their property taxes.  This law firm has billed us over $2,000,000 during the last ten years, paid by you, in your assessments.

 

In April, I made a motion at the voting meeting of the Board of Trustees.  My motion was for the Board to look into creating a competitive bidding process for vendors, including legal services,  who do business with us.  It didn’t get very far.  Clearly, the Board is now overdue to seriously consider and compare the value we receive for the services we purchase. 

 

I will be making my motion again at the next RA Voting Meeting, at 7:30pm on Monday, October 17th.  Please be there to make sure the Board knows you care.  Also, come to the Radburn Citizen’s Association meeting at 7:30pm, Wednesday, October 19th for more information.

 

All the best,

Marshall Chandler, President, Radburn Citizen”s Association

ADDENDUM, OCTOBER 13, 2011

Dear Neighbors,

 

An addendum to the letter we have distributed.  I have been advised this afternoon that Landmark has brought their delinquent taxes current.  I will investigate their current status for you soon.  Meanwhile, serious questions remain:

 

If they had the money all along, why were they delinquent?

 

If they didn’t have the money, where did it come from?

 

Why didn’t the Radburn attorney know about this?

 

If he did, why didn’t the whole board and the community know?

 

What is the true financial health of this developer?

 

Putting Radburn first means getting real answers.

 

Yours truly, Marshall Chandler, President of the Radburn Citizen’s Association