So, you now realize that Salisbury residents got scammed by those boys from Baltimore on the Salisbury Mall “TIF” deal. Well, there’s a new player on the local scene from across the Bay named Bernard Kapiloff. His firm, SALKAP LLC, wants to sell its property on Lake Street that once was the site of the “George L. Ralph” petroleum company, to the City for $50,000. Gary Comegys says it’s a steal at that price regardless of whether it is badly contaminated. Does the fact that he has been bankrupt mean anything here?
It may have been a steal at the price ($10,000) for which the sheriff sold it to Kapiloff in 2002, but not at $50,000 today without first knowing how much it will cost to remediate the pollution. Things have changed since then: the cost of doing that work has skyrocketed, while the real estate market has tanked. But Comegys says the City can’t wait to fully evaluate the environmental situation because it might lose the property.
Does he mean to say that other buyers are lining up to get the site to redevelop? If that’s so, why not let them proceed to do so?
Comegys does say that it’s a steal because there’s an appraisal stating that it is worth $350,000. He should put that document on the City’s website so the public can judge whether the appraiser really knows the situation. What if the value is based on the price paid during the boom period several years ago for the site on Riverside Drive with the now almost empty condo or the land on Fitzwater Street with the one that has been abandoned by the developer and taken over by the construction lender? And what does the appraisal say about the pollution problem?
Comegys and the other Council members who want to buy the site immediately (Smith and Shields) must believe that Kapiloff, an experienced real estate investor, would sell property for $50,000 that is worth seven times that amount. What about you?
And, by the way, wasn’t Comegys the biggest backer, besides Barrie Tilghman, of the Salisbury Mall deal?
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
then, it's NOT a gift?
ReplyDeleteNo, it's NOT a gift, well...in Comegys way of thinking it is - but we all better beware of anything that comes out of his mouth because it surely with not be the truth. This council person needs to go - he is absolutely so ridiculous, it's just beyond words.
ReplyDeleteUnbelievable!!! How does Comegy's think this is such a steal! Let him buy it with his own money if he thinks it is such a deal. In his pea brain mind, its okay to spend the tax payer's money on something that is probably going to cost many more thousands to take care of the pollution problem. What a total waste he is!
ReplyDeleteJoe, are the taxs paid up to date on this property?
ReplyDeleteWhere's Tom Stevenson -- that place looks horrid. Somebody tell him that "FOB's" are no longer exempt from code compliance.
ReplyDeleteKUDOS to Jim Ireton for using the mayor's veto power to stop this BS.
ReplyDeletewhat happened to code and compliance on this property? if any other property in the city becomes overgrown with grass and weeds they are fined and then the property is cleaned up and the owner billed. it seems strange that this guy is allowed to get by with ignoring the rules. sjd
ReplyDeleteWHO will make money on this swindle, thats what needs to be found out. Why are they pushing the "North Prong" so desperately???? Something tells me alot of FOB's would be the ones getting rich off the taxpayers--ONCE AGAIN
ReplyDeleteAll of you should consider that BPT lives right on the North Prong and I think Gary is close enough to it to want it improved. Mayor Ireton did right in vetoing this deal. Anything Gary is pushing is worth a second and third look, since it's usually bogus for some reason. I'd bet it would costy a lot to bring this property into compliance.
ReplyDeleteSince the Mayor had the guts to stand up to them on this deal I think Gary should go ahead and buy it. Come on Gary look at the money you'll make in a couple of years when you clean it up and then sell it to the city. Hey Joe wouldn't you be interested in holding paper for Gary just think if this is such a deal you'll both get rich quick!! I'm sure the Great Commongys could talk up a deal in lets say 5 years to sell it off at a rather large profit to the suckers of Salisbury.
ReplyDeleteWhat exactly do they need this piece of property for? If its not needed don't buy it no matter what the price is. I get tired of hearing people say. Well it was a great price so I bought it, but you didn't need it.
ReplyDeleteI've learned by watching Gary, if he's supporting, backing, begging, etc for something, well there's something in it for him. It's not for the betterment of Salisbury.
ReplyDeleteBernard Kapiloff, Bernard Madoff.
ReplyDeleteInteresting
That property is not worth taking if it was free. Until the city has a full environmental assessment they should not even be talking about purchasing it. The clean up cost is far beyond anything they can even imagine.
ReplyDelete