Sharma auction postponed, council tabled ordinance Council to vote on $15 million ordinance March 12, cites time extension BY TOM CAIAZZA Staff Writer EDISON - The approval of a $15 million bond ordinance to purchase the 27-acre Sharma tract from the now bankrupt Kara Homes and preserving it as open space, has been tabled again by the township council. The council, seeking to take advantage of a larger time window, tabled the ordinance to further discuss questions about the property, specifically the added costs of renovation and the true worth of the property that has come into question with an appraisal from the Middlesex County Improvement Authority (MCIA). "Time in this matter is on our side," Councilman Anthony Massaro said. "We have the option of waiting until March 12 to move on the ordinance. Knowing that the time is on our side and knowing that we have a full series of questions and every question brings an answer, and other questions, and ultimately value judgments, I think that it would be prudent of us to use that time." The council received a draft version of the MCIA's appraisal report earlier in the afternoon of Feb. 28, hours before the council was looking to vote on the ordinance. The 60-plus-page report included, along with the appraisal, Middlesex County's commitment to provide a certain undisclosed amount of funds for the purchase of the Sharma tract. The township was not at liberty to release those numbers yet and efforts to receive them from the county had been unsuccessful as of press time. The bond ordinance was on a fast track beginning at the end of January when the township received word that the Sharma tract would be put up for auction by its owners, the East Brunswick-based development company. The county abbreviated the usual time frame for appraisal and approval of the funding for the site, doing in a few weeks what usually takes upward of three months, according to Parks and Recreation Director Ralph Albanir. The auction was slated to be held on March 1, giving the township and the county a window of opportunity only several weeks long to put together the required specifications to make money available should the township be the winning bidder. That date has been pushed back to March 27, giving the township and county more time to go over the finer points of the possible appropriation. Councilman Robert Diehl wanted to make it clear that tabling the ordinance on the night of Feb. 28 did not constitute any second-guessing or disdain for the idea of purchasing the Sharma Tract on the part of the council. It simply was a chance to further think it through, given the expanded time frame before the first bids are cast. He said that waiting until March 12 to approve the ordinance would not hurt the township's chances of bidding on the property, and given the complexity of such issues, he was for tabling it. Kara Homes purchased the Sharma Tract with the intent of putting more than 20 single-family homes on the 27-acre site. In October 2006, however, the company filed for bankruptcy and began selling off many of its undeveloped properties as a result. The Sharma tract became available early this year and is expected to be auctioned off with a minimum bid near the $11 million range. The township plans to cap its bid at $15 million, a move that some at the Feb. 28 meeting felt may be inflated for a property that has apparently had some clearing work done, changing the landscape. Resident and 2005 mayoral candidate Bill Stevens feels that the property would be in need of several million dollars in restoration to get it back to the condition it was in before being cleared for development by Kara Homes. Councilman Diehl refuted that claim, saying that the cost of restoration is likely to be less than one might think because nature's way of rejuvenating itself would do most of the work. He wanted to focus on preserving the property. Dennis Miranda, the executive director of the Rahway River Association, said that a state referendum question passed last year could provide some of the funds for the restoration of the land. The council voted 5-0 to table the ordinance until the March 12 meeting, where the public will get another chance to voice opinion on the ordinance and the council will be armed with more answers to questions about county funding and possible restoration issues. Jong Nee of McManimon and Scotland, the bond counsel for the township, said that the auction process would include sealed minimum bids and an open public bid from then on. Massaro said that given the questions posed by the council and concerned residents, waiting another two weeks was the right thing to do. "We do have more due diligence to do," Massaro said.