Broad St. West Financial Advisory Committee Chosen By Summit Council

SUMMIT, NJ — A new financial advisory committee was selected by the Summit Common Council for the Broad Street West redevelopment project, but many residents expressed concerns about the members on the committee.

Councilman Greg Vartan explained at the Thursday, Oct. 6 meeting that the purpose of the committee is to provide advice to the council on the financials of any potential deal as it pertains to Broad Street West.

The project is currently on hold, as the council rejected the previous redevelopment plan and is now re-evaluating.

Read more: Broad St. West Redevelopment Process Stalled By Summit City Council

Vartan said the council received 19 applications from members of the community to serve on the committee, and five were selected. He said the qualifications to serve on the committee included financial professionals with experience that is relevant to redevelopment.

You can read more about the qualifications here: Financial Experts In Summit Sought For Broad St. West Committee.

Below are the five community members chosen to serve on the committee and some of their background experience:

1. Susan Bowen- has experience in a fiduciary role as a bank trust officer, as well as experience modeling cash flows. She also has experience modeling PILOT payments and is a chartered financial analyst.

2. Yon Cho- has over 25 years of experience in institutional commercial real estate and has completed numerous suburban apartment, retail, office development transactions.

3. Matt Kaplan- serves as a managing partner at a real estate investment firm that includes multi-family assets. He also works with master plans and redevelopment.

4. Kevin McGoey- experience in underwriting commercial and real estate loans, utilization of capital assets.

5. David Mollin- vast experience in credit risk analytics and management, experience as director of a real estate finance ratings group at a renowned rating agency, has experience in real estate law.

"Council is always looking to leverage the wealth of talent that exists in this community," Vartan said. "This group will serve as one of many that is providing advise to council."

Residents Voice Concerns

Resident Dorrie Gagnon expressed concern over the selection of Yon Cho, as he currently serves on the Summit Board of Education. Gagnon said she was hoping that no one from other boards would be allowed on the committee.

"I'm a little upset about that," Gagnon said. "Because he's publicized stuff against Residents for Summit [and] really advocated that he wants this project to go through no matter what."

Residents for Summit is a group that has fiercely spoken out against the Broad Street West redevelopment. The group has previously formed petitions and held a rally to protest the redevelopment.

Gagnon said she is against Cho being on the committee and said that the council should not have picked someone that has "such strong feelings for Broad St. West."

Councilwoman Lisa Allen said she shared Gagnon's concern, but she believes Cho is qualified to serve. Allen added that there are others on the committee who have spoken against the project.

Mayor Nora Radest said she "trusts the integrity" of all five people on the committee.

Resident Henry Bassman suggested that all participants in the committee be required to sign an oath or a non-disclosure agreement, stating they will not divulge any information about the committee's work that could hamper the city's negotiating position.

Vartan confirmed that those on the committee will be required to take an oath and the council is working with legal council to see if an additional non-disclosure agreement is necessary.

Bassman also voiced concern over some committee members being affiliated with Residents for Summit, accusing them of having "divided loyalties."

Bassman further accused the Residents for Summit group of becoming "a politically oriented advocacy group." He argued that their Facebook page is "billboard for Delia Hamlet's campaign."

Hamlet is running against Councilman Danny O'Sullivan for the Ward 1 seat in this year's election.

Allen then defended Residents for Summit and said she believes in the group's mission.

"There is a counter belief that redevelopment should happen in this town, and I am one of them," Allen said. "I have strongly stated from the very get-go that I personally think we are overdevelpoeing this state. I'm going to have to make decisions that are very difficult philosophically for me to make."

You can view the entire council meeting from last week below:

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