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Bond In Investing Savings Nearly once a day, developer James Wassel piles interested investors or potential tenants into his black Chevrolet Suburban for a tour of the former Army fort at the northern tip of Sandy Hook. As he rides slowly along the quiet, winding roads of Fort Hancock, he shows them dozens of Colonial Revival buildings -- many in advanced states of disrepair -- and asks them to imagine a much different place.

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James Bond Trading Card "I guarantee you some of our naysayers will be here when this is all done, front and center, taking pictures," Wassel said during an interview at the fort last week. "There's not a doubt in my mind that this is going to work, and everyone will love it."

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Bond In Investing Stock Wassel, a Rumson developer, was chosen by the National Park Service three years ago to rehabilitate the long-vacant buildings of Fort Hancock under the agency's historic leasing program. The landmark buildings require millions of dollars worth of repairs, Sandy Hook Superintendent Russel J. Wilson said, and the park service doesn't have the money do the work itself.

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Municipal Bonds Investment In exchange for rehabbing three dozen buildings at a cost of between $60 million and $90 million, Wassel's company, Sandy Hook Partners, was given a 60-year lease on the properties. He will rent them to corporate, commercial and research interests. A percentage of the rents he collects will be paid to the park service.

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Bond Terms Trading That Wassel's plan is still on the drawing board is testament to the fact that not everybody shares his enthusiasm for it. Since he signed his letter of intent with the park service in late 2001, the project has run into considerable opposition.

Bond Debt High In Inside A group of Monmouth County residents called the "Save Sandy Hook Association" has raised questions about the impact the project would have on traffic and the environment and criticized the process by which the park service selected Wassel over the other developers who submitted proposals.

Bond Greenville Greenville "There should be preservation without privatization," said Carole Balmer, a member of the group. "We need to be cautious about putting public lands in private hands. We're afraid the park service has not been an objective overseer of this process."

Trading Stock And Bonds Another group member, Peter O'Such of Fair Haven, is a retired federal government procurement specialist who has criticized the park service for selecting Wassel in violation of federal regulations.

Bond Investing Municipal "I'm a fisherman and what I know about Fort Hancock I know from when I'm drifting in the river, trying to catch a fluke," O'Such said. "But to me, this doesn't seem like the most acceptable way to preserve the fort."

Basis Bond Finance Hill Instead, he said, the Park Service should have tried harder to secure public funding and, failing that, should have sought out corporate sponsorships that would have left the fate of the fort in public hands.

Bond Explained Terms Trading "At the very least, now, they need to reopen the procurement process and do it right," O'Such said.

Bond Business Investing Stock Although Balmer and O'Such said they will continue to explore their legal options for stopping the project, several big hurdles already have been cleared.

Bond Houston Houston The biggest came in July, when the National Park Service issued a "finding of no significant impact" after concluding the project would have no adverse effect on cultural and natural resources in the 1,665-acre Sandy Hook section of the Gateway National Recreation Area.

Stock Bonds Day Trading Since then, the inspector general for the Department of Interior has dismissed O'Such's complaints about the procurement process. The agency ruled the process had met the requirements of the park service's Historic Leasing Program, said Wilson, the park superintendent.

Bond Corporate Investing Wassel expects financing arrangements to be completed in the first quarter of 2004.

Investment Bond Uk Work on the first two buildings -- a chapel and the post theater -- will begin in the spring and be done by fall, he said. The entire project will be completed by 2006.

Bond Trading Strategy The 140-acre Fort Hancock was used by the Army to defend the Lower New York Harbor from the late 19th century until the mid-1970s. Once the Army was done with the property, it was turned over to the National Park Service, which controlled the rest of Sandy Hook.

Bond Fixed In Income Investing The soldiers stationed at Fort Hancock defended the harbor from concrete gun batteries for much of the fort's history. After World War II, when harbor defense forts became obsolete, Fort Hancock became the home of Nike air defense missiles designed to intercept jet warplanes headed for New York. The Army left the fort after the era of missile defense ended in 1974.

Bond Dayton Dayton Investment Many not-for-profit enterprises -- most of them schools and institutions that study marine sciences -- have been housed in buildings at the fort since the early 1980s. They include the James J. Howard Marine Laboratory, the Brookdale Community College Oceanographic Institute, the New Jersey Marine Sciences Consortium and the Marine Academy of Science and Technology. Nonprofit environmental groups -- the Audubon Society, the American Littoral Society and Clean Ocean Action -- also have headquarters at the fort.

Bond Management Market Risk The deal with Wassel's firm will mark the first private investment in Sandy Hook, but the National Park Service -- which has a maintenance backlog of $6 billion -- has increasingly turned to private investors to pay for rehabilitation projects it couldn't otherwise afford. Just last month, the park service announced it had selected a developer to convert the former North Truro Air Force Station in the Cape Cod National Seashore into a center for cultural arts.

Bond In Investing Municipal "Something has to be done," Wassel said one afternoon last week as he stood in the middle of one of the grandest buildings in Fort Hancock, the old officer's club. "This place probably has three years left before it would fall to the ground, and what a waste that would be."

Bond Investment Las Las North By Tom Feeney
Star-Ledger - 10/13/2003

Topic: Ocean

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