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Editor, Asbury Park Sun,

After patting himself on the back for the wonderful things they have accomplished, iStar VP Brian Cheripka started pointing the finger at Madison Marquette for their failure to develop the casino building. (“IStar annual community update asks for unity” posted Aug 1.)

In my humble opinion, if it were not for the risky investment made by Madison Marquette in rebuilding the boardwalk pavilions when everybody wrote off Asbury Park, iStar and their development would not succeed. I just love all this second guessing.

Well for one I am an interested party. I still take pride that my brother Sebastian and I started the whole redevelopment way back in time. The year was 1983. We purchased the Berkeley Carteret Hotel after it had been closed and boarded up for 6 years — the only tenants were a few wild dogs and hundreds of pigeons. The hotel was saved from the wrecking ball and still stands today as a testament to the American Dream, my dream to restore my home town. We may no longer own the hotel but it is still the cornerstone of the beachfront.

Cheripka states “certainty and stability “ are the keys to the success of Asbury Park.

One thing we know that is certain with iStar — they subcontract the majority of their work to contractors from all over the state, and could care less about the local folk. This is at complete disregard with the signed redevelopment contract.

“iStar is required to make a ‘Good Faith’ effort to encourage residents, women, and minority participation in construction and permanent jobs.” They are also required to ‘disseminate’ information concerning opportunities to contractors and vendors within Asbury Park and Monmouth County.”

Folks for you that don’t understand specific contract language the word “disseminate” means to advise or spread information to contractors to let them know about upcoming work. First to contractors located in Asbury Park and then Monmouth County. Not only has iStar not awarded much work to local contractors, but the have put in prequalifications designed to keep out the smaller contractor, which was not the intent of the agreement.

I have compiled a list of some of the contractors hired by iStar in the last two years. These contracts have exceeded over $125,000,000.00. These contractors are from places like Hoboken, North Bergen, Rutherford and Jersey City.

The original redevelopment contract was put in place in 1984 after two years of study by professionals, public meetings and public comments and most of all public input . It was designed and crafted not to leave anyone out, including local property owners, and to benefit the residents and businesses who had been impacted by the years of neglect and decay. Most of all, by including language requiring the developer to hire local contractors, residents and minorities so that the money generated from these jobs would be spent in the city and help other businesses .

I know these facts are true for I was there when it all happened.

My firm had worked for all the prior developers until iStar appeared on the scene with their Wall Street mentality and cavalier attitude. As they say in the big city I Was “Blackballed.”

With this letter I am demanding that the City Manager do a forensic audit of iStar’s books to determine if they are in compliance with the signed redevelopment contract.

Henry V Vaccaro, Neptune

[This letter represents the opinion of its writer and is not representative of any opinion of the Asbury Park Sun staff. All readers are welcome to submit Letters to the Editor to news@asburyparksun.com for our consideration. For guidelines on letter-writing and submission, click here.]

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