The URL can be used to link to this page

Home My Public Portal Aboutr 21-043�Rtwluttau of the 90rough of aurfad, N 51 #21 -43 Date of Adoptio March 4, 2021 AUTHORIZING A PROFE SSIONAL SERVICES CONTRACT WITH STACK, COOLAHAN & STACK, LLC WHEREAS, the Borough of Carteret is in need of professional Property Tax Appraisal acrd Evaluation Services for various projects in the Borough; and WHEREAS, Stack, Coolahan & Stack. LLC possess the requisite skill and expertise to provide said services; and WHEREAS, Stack, Coolahan & Stack, LLC has submitted a proposal to provide said property tax consulting and evaluation services at a total cost not to exceed $25,000.00; and WHEREAS, the Mayor and Council have reviewed said proposal; and WHEREAS, the Chief Financial Officer has certified that funds_ are or will be available for said purpose. ACC t. # 1- 01 -20- 150 -254 NOW, THEREFORE, BE IT RESOLVED by die Mayor and Council of the Borough of Carteret, County of Middlesex, State of New Jersey, as follows: 1. That the proposal from Stack, Coolahan & Stack, LLC for professional Property Tax Appraisal and Evaluation Services for various projects at a total cost not to exceed $25,000.00, billable in accordance with Stack, Coolahan & Stack, LLC's existing contract with the Borough, is hereby approved. 2. That this action is approved as an award of a professional services contract pursuant to N.J.S.A. 40A:11- 5(1)(a) in accordance with the Borough's Fair and Open Process as authorized by law. 3. A copy of this Resolution be forwarded to the Borough's Purchasing Department, Tax Collector and Stack, Coolahan & Stack, LLC. Adopted this 4's day of March, 2021 and certified as a true copy of the original on March 5, 2021. CARMELA POGORZELSKI, RMC Municipal Clerk RECORD OF COUNCIL VOTE COUNCILMAN YES NO NV A.B. COUNCILMAN YES NO NV A.B. BELLINO X JOHAL X DIAZ X KRUM X DIMASCIO X NAPLES X X- Indicate Vote AB- Absent NV -Not Voting XOR- Indicates Vole to Overrule Veto Adopted al a meeting of the Municipal Council ! Dtlarch 4, 2021 f AFFIDAVIT OF PUBLICATION The following is a true copy of an Ordinance or Resolution of the borough of Carteret that has appeared in the Home News Tribune, a newspaper which is printed in Freehold, New Jersey and published in Neptune, in said County and State and of general circulation in said county. One 1 time(s), once in each issue as follows: March 10, 2021 No'tat�y Public of New Jersey 'DANA C. ARCHEVAL NOTARY PUBLIC OF NEW JERSEY My COMMIS510e Expires 9/1212022 Sworn and subscribed befo e me this /0 4A day of kkr ,A a7d,;)Z Municipal Clerk 2021 9:44AM No, 2046 BOROUGH OF CAkTERET padi�IJ. .h/1.UNICRAL CLTRI( To: Yatrickj. UeBlasio, Treasurer Borough of Carteret REQUEST FOR CERTIFICATION OF AVAILABLE FUNDS: For: AUMORIZING A PROFESSIONAL SERVICES CORMCT' W.T.T -H STACK COOLAHAN & STACK, LLC ' Name of Account: I STACK,_COOLAUAN & STACK, LLC Amount to be encumbered: Resolution *-11 P, 1 YYYYYY /kYY NYYYY YYYY //! ■ //Y /YY YYYY /Y YY YYYY YYY Y YYYY. /YY/ / / / /Y■ /YYYY / /Y/ //■ CERTIFICATION OF AVAILABILITY OF WNDS I, Treasurer of the Borough of Carteret, do hereby certify that there are sufficient fonds available in the current budget to enable the Borough Councff to authorize the entering into a contract between the Borough of Carteret and: Th- czw(a wA*- g�ipzl� G( G The funds available for this contract are in the budget, in the account of: 1-01 -7,0_ iu the amount of: 7E o l` By this cerMcatlon, I have herby encumbered the above named account for the amount of the contract pending Coumoil action. Patrie . eBlaslo�ii:ea8urcr bate: 1 f Memorial Municipal ElMing • 61 CoAe Avenue Carteret, New jersey 07008 Tel; 7.52 -541 -3800 • Fax; 792541.8925 • wMdam ud f r6 STACK, COOLAt IAN & STACK, LLC 901- ludson Street, I Iohoken, NJ 07030 (201) 659.1700 / evwtvan�uriceslacl:.rom To: Jay Briscione, CTA Tax Assessor Borough of Carteret From: Maurice J. Stack, II, MAI, CRE Date: March 1, 2021 Subject: Tax Year 2018, 2019 & 2020 Kinder Morgan Carteret (NY Harbor), NJ Terminal Borough of Carteret Middlesex County, NJ On behalf of our firm, thank you for providing this opportunity to be of service. In response to your request, I have considered the Scope of Work necessary to produce credible valuation services for the intended use and users, Generally, it is my understanding that the municipality requires the assistance of a property tax expert qualified to handle the valuation of taxable property associated with Kinder Morgan's Carteret (NY Harbor), NJ Terminal, as illustrated below: Carteret (NY Harbor), NJ Terminal [eunInd SM'lllltnllnm 71a I'I STACK, COOLAHAN & STACK, LLC 90 Hudson Stracl, I lobukon, New Jersey 07030 (2111) 059 -1700 / evn•w.mauriceslarl..rom PROFESSIONAL QUALIFICATIONS Maurice J. Stack II MAI, CRE PROFESSIONAL CERTIFICATIONS '& AFFILIATIONS o Member: Appraisal Institute (MAI) o Member: Counselors of Real Estate (CRE) - Vice Chair NJ Chapter o Certified General Appraiser in the State of New Jersey (RG 1087) o Member: International Right -of -Way Association (IRWA) o Associate Member - Industrial & Office Real Estate Brokers Association of New York PROFESSIONAL EDUCATION Appraisal Institute Seminars7Webinars • The Appraiser as an Expert Witness • Real Property Appraisals for Condemnation Proceedings • Case Studies inn Commercial Highest and Best Use (Business v. Real Properly Value) • A Debate on the Allocation of Hotel Total Assets • Uniform Appraisal Standards for Federal Land Acquisitions • Fundamentals of Separating Real Property, Personal Properly & Intangible Business Assets Continuing Legal Education Seminars o Valuation of Contaminated Property in Real Estate Tax Appeals and Condemnation o Strategies for Handling the Eminent Domain Case Appraisal Institute Courses • Standards of Professional Practice • Real Estate Appraisal Principles • Basic Valuation Procedures • Capitalization Theory and Techniques, Part A • Advanced Income Capitalization • Advanced Cost and Sales Comparison Approaches • Report Writing and Valuation Analysis • Highest and Best Use & Market Analysis • Advanced Applications • Condemnation Appraising /Basic Principles, Advanced Topics & Applications During the last 35+ years, I have developed special expertise as a property tax valuation expert. While it Is true that many appraisers share the same or similar professional educa bn, general appraisal experience and designations, it is also true that there are very few appraisers who have established credibility as recognized experts in the property tax court arena when It comes to the valuation of special use properties similar to Kinder Morgan's Carteret (NY Harbor), NJ Terminal. Time after time, I have provided firm and pers, asive-expert testimony before the Tax Court of New Jersey on a wide spectrum of complex valuation matters. Valuations for litigation purposes require due diligence far beyond standard operating procedures typically employed to satisfy the Uniform Standards of Professional Appraisal Practice (USPAP). Accordingly, property -taxx aluation -experts-requirea_premium fee as zompensation-forlhe extra time-required to complete- an-exhaustive investigation, to gather admissible evidence and to prepare a comprehensive report that satisfies -Court- Rules. As a -third- generation leader of my family's 100 - year - old real estate enterprisei -and principal -0f Stack, Coolahan &-Stack, LLC, I am empowered to offer the Borough of Carteret substantial discounts off our standard rates as a token of appreciation for past business opportunities (redevelopment - projects -and property axappeals ) -through-the_ following _three_(3) phase-engagement proposal: Phase I - Property Tax Consulting & Evaluation ($25,000) ✓ - Conductduediligence necessa"- eva luateiheassessments _ under appeal. Scope of Work includes a thorough site inspection / property productivity analysis, review of discovery provided and a detailed request for additional discovery required to complete a full-appraisal for property -tax valuation purposes. ✓ Preparation of a preliminary valuation analysis as of three (3) retrospective valuation dates - October 1, 2017, 2018 & 2019. The byproduct of my due diiigenceand-analyaes will lbe documentedtna Hybrid Restricted- Summary Appraisal Report designed specifically by the Tax Court of New Jersey to facilitate settlement at mandatory conferences set by the Court. Phase II - Trial Report (TBD) - proposals required from cost and industry experts Phase III - Litigation Support ($250 1hour) for preparation, appearances & testimony Gven_the magnitude -ofshislype of An�ent scheduled -progress- payments for Phase I will be required based on the following due date schedule: $5,000 /month payable by April 1st, May 1st, June 1st, July 181 & August 181 of this year. Otherwise, our billing policy requires payment be satisfied no later than 30 days after the invoice date(s). Stack, Coolahan & Stack, L-LC-reserves the right toassessa delinquency charge; based on a compound interest rate of 12% per year, on any balance that remains outstanding beyond the 30 -day grace period, as well as the cost of reasonable attorney's fees in the event legal action is necessary to collect the feels). If these terms are acceptable, kindly have acknowledge below and return to me at your earliest possible convenience. Agreed & Accented By: Date: PROFESSIONAL BACKGROUND Vice President of Stack, Coolahan & Stack, LLC, a real property valuation and local property tax -consulting firm that evolved as part of the third generation of Stack family appraisers. Established in 1920, the founding Hoboken based firm, Stack & Stack, continues to provide a wide spectrum of services to the real estate community today. Involved In the - valuation of real property throughout the State of New Jersey and have also participated in the valuation of real property in Florida, North Carolina, New Hampshire, District oT Columbia, Connecticut, Pennsylvania, and New York. Active appraisal experience since 1983 includes the valuation of various types of residential, commercial, industrial, and special purpose properties. A partial list of property types appraised includes: • Hotels & motels; • Multi- tenanted office parks; • Medical office buildings; • Nursing homes and assisted living facilities; • General hospitals; • Community shopping centers; • Cooperative apartment houses; • Residential subdivisions and mixed -use development sites; • Oil refineries; • Natural gas pipelines; • Petroleum storage terminals; • Cogeneration plants; • Marine container terminals; • Multiplex movie theaters; • Mobile home parks; • Radio transmitting sites; • Marinas; • Self- storage facilities; • Newspaper printing plants; • Food processing plants; • .Distributionr .enters & truck terminals; • Wetlands; • Transportation corridors; • Golf courses & country clubs; etc. Specialized experience in property tax valuation, eminent domain (full and partial takings) and commercial litigation - matters: Qualified and - testified as an expert witness before the U.S. District Court, U.S. Bankruptcy Court, Superior Court of New Jersey, Tax Court of New Jersey, County Boards of Taxation, etc. Appointed - Condemnation Commissioner by the Superior Court of- New - Jersey. Review Appraiser for the Port Authority of NY & NJ on various-projects and for New Jersey Transit on THE Tunnel Project and Hudson - Bergen Light Rail Transit project. - Governmental - Aeencies The Port Authority of NY & NJ New Jersey Turnpike Authority NJDEP —Green Acres - NJ Ttansit NJ Dept of Transportation County of Hudson County of Essex County of Union City of Bayonne City of Jersey City City of Union City Town of Kearny Town of Harrison Borough of Fort Lee Borough of Fair Lawn -Borough-of- Hasbrouck - Heights - - Borough of River Vale Borough of Ridgefield Borough of Franklin Lakes -Borough-of- Montvale - Borough of Chester Township of Bloomfield Borough of Glen Ridge Township of Belleville - - City of Newark City of Elizabeth Borough of Carteret City of Rahway Borough of Fanwood Township of Edison Township of East Brunswick -TownshipofOld -Bridge - - Township of Neptune Superior Court of NJ City of Newark -Borough of Allendale PARTIAL CLIENT LIST Lawfirms DeCotiis. Fitzpatrick & Cole McKirdy & Riskin Carlin & Ward Gordon & -Rees Chasan, Leyner & Lamparello McManimon & Scotland Drinker, Biddle & Reath Venino- &-Venino Lowenstein Sandler Waters, McPherson, McNeill Paul V. Femicola, Esq. Shykerjams- &-Dill Greenbaum Rowe Lum Danzis Zipp & Tannenbaum McElroy, Deutch- &- Mulvaney Archer & Greiner Nowell Amoroso Schumann Hanlon NashePMes Strook, Shook & Lavan Giordano Holleran Shanley & Fisher -Brach Eichler Splottl & Esposito Slavilsky & Associates Spector & Dlmin Donahue, Braune -Hagan Sills Cummis Mandelbaum Salsburg Norris, McLaughlin & Marcus - Hubschman &Roman Riket Danzig Schneck Law Group Sitar Law Firm - Kaufman, Semeraro &ieibmen Hartman & Winnickl Hartman Doherty Rosa Berman SkoloH & Wolfe NatharrflNolffsq. Genova Bums Connell Foley Lauren D. Berclk, Esq. - ComoratbnslDevelooeratinvestem United Parcel Service Exxon Corporation McDonalds Corporation — Roseland - Residential Trust Haworth Country Club Target Corporation Lowws Home Centers -AsionEquitles Revlon Corporation Loews Cineplex Corporation Walgreens Corporation — Extended- Stay-America Prime Hospitality Corporation Montammy Golf Club Mack -Call Realty Corporation intend ReafEstate M. Alfieri, Inc. Alfred Sanzad Enterprises National Realty & Development -Forest City£nterprises K. Hovnanian Lennar Corporation Emerson Golf Club — SpearStreetCapltai LLC JP Morgan Chase & Co. Cronhelm Management Kean University — HudsonCommunity College St. Peters College St. Marys Hospital Hackensack University Mad Center -City Homes A Gardens AMS Property Corp, Frank Greek & Son Heller Industrial Parks - First Indusidal-Realty Trust RXR Realty Normandy Real Estate Partners Bamm Hollow Country Club —Sea-Oaks-Golf Eagle Ridge Golf Club Toil Brothers Transcontinental Gas Pipeline Corp, Texas Eastern LP National Business Parks, Inc. Vomado Realty Trust Christ Hospital -Urban -Edgo Properties Bergman Real Estate Group Simon Property Group Public Service Electric & Gas Co. - Ironstale Development Co. Kushner Real Estate Group John Hancock Real Estate LaSalle investment Management Kinder Morgan