Stahl: Important info withheld on Golden Triangle
BY VINCENT TODARO Staff Writer

"We need to explore all alternatives in case this project does not move further." - David Stahl Councilman

EAST BRUNSWICK - A township councilman accused the administration of keeping council members in the dark on information regarding the Golden Triangle redevelopment.

Councilman David Stahl said the council should have been told that Toll Brothers is no longer the sole owner of the property, and that Toll Brothers has requested a renegotiation of the sale price with the township.

Stahl brought up the issue during the Dec. 10 council meeting. A number of residents also expressed frustration, though Neary and the township's redevelopment attorney, Frank Regan, argued that the redevelopment agreement gives the administration the ability to handle the issues mentioned by Stahl.

Stahl voted in favor of the redevelopment agreement and the township's sale of the property to Toll Brothers in 2005, but he has since become critical of the deal and the lack of action on the part of Toll Brothers in the past couple of years.

The council is presently being asked to amend the redevelopment agreement by giving Toll Brothers more time before beginning construction on the residential and commercial development that is proposed.

The township sold the Golden Triangle property to Toll Brothers for about $30 million, with the developer agreeing to pay an additional $5 million for the construction of a township community center. In exchange for the extra $5 million, the township agreed to drop the age restrictions in the residential component and allow up to about 400 residential units to be built, instead of the original 200.

Stahl said Toll Brothers is no longer the sole owner of the property, and that 50 percent has been assigned to another company.

"So, I'm kept in the dark," he said. "How do I know Toll even owns 50 percent, as required?" he asked.

He said he found out about the changes just before the Dec. 10 meeting.

"The mayor is informed, not us," Stahl said.

Regan said that, based on the terms of the agreement, all such notices are provided to the mayor. Neary said the ownership assignment was also part of the deal.

Stahl did not dispute the responses, but said that regardless of what is in the redevelopment agreement, the administration should inform the council of important changes.

Regan said the entity that now owns 50 percent is called Golden Triangle LLC. Robert Fuller, a representative of Toll Brothers, said the redevelopment is now a joint venture between the entities.

Later in the meeting, Councilman Donald Klemp said he had been informed of the ownership change, and that he trusts the experts who make such changes. The smaller company, he said, was created to protect the financial interests of the larger one, Toll Brothers.

Stahl produced several documents in which Toll Brothers acknowledged that the project was being delayed, and complained that he was not informed.

"All this time you said we were on schedule," Stahl told Neary.

In addition, he said Neary has not been forthcoming about the possibility that the purchase price paid to East Brunswick could be reduced if market conditions stop the developer from building the residential portion.

Stahl said the amendment the council will be asked to approve was not discussed during closed sessions the council held in recent months, and was only given to the council a few days before the meeting. He said the language in the proposed amendment reads that the residential component may be dropped to allow for Toll Brothers to pursue "economically viable uses."

Stahl asked why the council was being asked to adopt that language, and Regan responded that it clarifies the developer's position. He asked Regan why the amendment was not limited to giving Toll Brothers the ability to extend its lease with Sam's Club, as was discussed in closed session.

"Why did we get this just Friday?Why not in closed session?" he asked.

Regan said he did not consider it to be important language.

In addition, Stahl made reference to an offer from another entity to purchase the property for $33 million, if the township were to buy it back from Toll Brothers. Regan said he did not consider the offer valid, and warned that dealing with the party that made the offer could lead to a lawsuit from Toll Brothers, but Stahl said the township should at least look into the alternative.

"Where's my due diligence in case this doesn't pan out?" Stahl asked. "We need to explore all alternatives in case this project does not move further."

On questioning from Township Attorney Michael Baker, Fuller said Toll Brothers intends to continue paying East Brunswick in installments for the Golden Triangle land.

Neary said later that nothing has been intentionally hidden from the council. Referring to the idea of entertaining other offers for the property, he said there are no such offers out there.

Councilwoman Catherine Diem agreed with Stahl's statement about looking at the $33 million offer he referred to, though she said the timing of the offer is suspect.

Regan said the language in the redevelopment contract limits the conditions under which the township could repurchase the land.