After 5 years, $12M spent, Newark Triangle Park project remains a parking lot
NEWARK — Triangle Park was envisioned as the lush capstone on a plan to rebuild Newark’s once desolate downtown core.
The final stage in a project under way for a decade, the park would provide a pedestrian link between Newark’s Ironbound, Penn Station and the Prudential Center arena. Moreover, it would be the centerpiece for new retail, housing and office space that would boost the city’s struggling tax base.
But after five years, and close to $12 million spent, today Triangle Park remains a parking lot, encircling a long abandoned factory in the heart of the state’s largest city. No plans have been completed. No statues, benches, fountains or sculptures have been commissioned. No official plans exist to refurbish the abandoned factory that sits in the park’s footprint.
The group responsible for the park’s development — the Newark Downtown Core Redevelopment Corporation — was quietly disbanded in April. The Newark Housing Authority has now taken control of the project, but not before the group spent millions on salaries and well-connected consultants, according to a Star-Ledger review of corporation records.
"It’s clear the land’s not cheap, but the organization appeared to be top-heavy especially in light of the work that remained ... and the lack of really any timetable for park completion," said housing authority director Keith Kinard who was one of several city leaders seeking the dissolution of NDCRC. "I think that their intentions were in the right place, but at the end of the day we’ve got to get the project moving forward."
Tasked with expediting downtown development, the group oversaw arena construction, street alterations and the development of "Championship Plaza" at the arena’s Market street entrance. The projects were marked with costly delays, but all were eventually completed. The park has been languishing for years amid Byzantine land deals that are still not finalized.
William Crawley, the former executive director of NDCRC, said the bulk of time and money spent has gone to acquiring property that could not be bought directly, but had to be swapped with surrounding lots. Major Newark property owners Jose Lopez and Edison Properties were the principal players in the swaps needed to clear the parcel for the park. Neither returned calls for comment.
MILLIONS SPENT
Out of the $19 million bonded by the city to fund park construction, $9.4 million went to land acquisition for the 1.7-acre parcel, roughly the total size needed for the park, Crawley said. Close to $3 million has been spent on salaries, contracts and related fees since the group’s inception in late 2005, according to records — the bulk of that money expended in 2010.
Dissolving A Corporation - News
"I totally agree with dissolving the organization in view of the fact that it was growing top-heavy with no results," said East Ward Councilman Augusto Amador, a former trustee of the group, who's ward will serve as home to the park.
According to the order issued by Kulkarni, a committee headed by deputy commissioners of each district will be formed for tender and purchase of equipment while chief executive officers of each municipal corporation will be responsible for monitoring
However, the dissolving architectural design corporation—in which the plaintiff, Mark Reilly, was a 49 percent shareholder and the defendant, Lena Brion, was a 51 percent shareholder—is either unable or unwilling to do so. Reilly contended in his
“The California Space Authority, Inc., (CSA) has initiated the process of dissolving the non-profit corporation in accordance with state law and the by-laws of the organization,” the group said in an e-mail statement to supporters.
VANDENBERG AIR FORCE BASE - The California Space Authority has initiated the process of dissolving the non-profit corporation. This week, the CSA Board of Directors voted unanimously to begin the dissolution process. The CSA works closely with
Dissolving a Business in Arizona – Martindale.com
Dissolving a partnership
Before you take steps to dissolve your partnership—general, limited, or limited liability—get state and federal income tax advice, and make sure you fully understand the financial ramifications of shutting down your business. If you are a partner in a general partnership, or are the general partner in a limited partnership, you may be responsible for some of your partnership’s debts even after dissolution. On the other hand, if your business still has assets after you have paid off all creditors, the government will view any dividends of the dissolution as income and tax them as such.
Next, get an agreement to dissolve or terminate the partnership in writing, if you are a partner in a multi-member partnership where not all the partners are close family. The written dissolution agreement should include details about payment of final expenses, the timing of the assignment of assets, who gets what, when the partnership will cease activity, and when the partnership will notify the Arizona Corporation Commission .
Finally, pay off all creditors with remaining partnership assets before you file Articles of Dissolution with the Arizona Corporation Commission. Arizona law does not permit partnership members to make further payments to themselves and leave creditors out in the cold when dissolving a partnership.
Dissolving a corporationIf your corporation has not issued shares or commenced business, the majority of initial directors or incorporators may simply dissolve the corporation by filing Articles of Dissolution with the Arizona Corporation Commission. If the corporation has already commenced business, Arizona corporate dissolution becomes a bit more complex.
Once shares are issued, the board of directors may propose dissolution to the shareholders. The board must notify each shareholder—regardless of voting rights—of the proposal and the shareholders meeting which will vote on the issue. Unless the articles of incorporation or the board of directors require otherwise, a majority vote for dissolution is sufficient for the board to proceed to dissolve the corporation.
Article of Dissolution must be published, and all fines and fees paid, before the Arizona Corporation Commission will consider the corporation dissolved. Dissolved corporations do not cease to exist, but continue to function only to the extent necessary to wind down their business. This includes collecting outstanding debts, paying off creditors, disposing of properties that will not or cannot be distributed to the shareholders, and distributing remaining assets to the shareholders according to their interests.
Dissolving A Corporation - Bookshelf
How to Form Your Own California Corporation
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Dissolving a Corporation
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Dissolution can be more complicated than corporate formation. Here's what you need to know about dissolving a corporation.
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Dissolving a Corporation in Four Easy Steps
Dissolving a Corporation in Four Easy Steps. By Stephen Nelson ... Fortunately, while dissolving a corporation may be unpleasant, the task often isn't too ...
Corporations Canada - Dissolving a Corporation
The purpose of this policy is to help you obtain approval for the dissolution of your corporation under the Canada Business Corporations Act (CBCA)