Specifically, Asbury Partners, locally based and headed by LarryFishman, has agreed to spend $6 million to restore severalboardwalk pavilions, Convention Hall and other structures. AsburyPartners has also agreed to place $1.5 million in escrow, and topost performance bonds at 100% to guarantee completion. Theredeveloper must also maintain a net worth of $30 million duringthe renovation period. Asbury Partners has also agreed that anydisputes during this period will go to arbitration.
In terms of timing, the agreement calls for work on the FifthAvenue Pavilion and an adjacent band shell to be completed in twoyears. Work on four other boardwalk pavilions has to be wrapped upby 2010, and improvements to Convention Hall and the Casino have tobe completed by a year from now.
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