WPCNR COMMON COUNCIL CHRONICLE-EXAMINER. By John F. Bailey. July 13, 2005: The Common Council adopted the Scoping Outline for the Martin Ginsburg Pinnacle project Wednesday evening, and entertained requests from JPI, owners of The Jefferson, condo-wanna-be on 300 Mamaroneck Avenue, and tentatively agreed to a sharply racheted up series of buyout payments based on unit size for future condominium builders in the city. JPI and The Pinnable will be effected by these new buyout payments ranging from $30,000 for a Studio Condo unit, to $155,000 for a 3 bedroom condominium unit, according to Councilman Thomas Roach who briefed WPCNR on the proposal. Roach said the new "step buyout" policy would be on the council agenda of August 1.

In the matter of The Pinnacle scoping, Rita Malmud, according to a WPCNR observer at the meeting said there was no reason not to adopt The Pinnacle scoping document because the city had received no further comments.

JPI representative Paul Chrisalli presented a situation report on where they stood with their plans to transform 300 Mamaroneck Avenue into condominiums. JPI said they were hoping to receive New York State Attorney General's Office approval of their condominium plan sometime in August so they could begin selling units to buyers September 1. They told the council they would "like to pay in 15% of the purchase price of 16 units, the number of units they were required to set aside for affordable housing," This amounted to appoximately $500,000, according to WPCNR's man on the scene. Chrisalli said that they wanted to pay in on "whatever the market will bear." He said the one-bedroom units would go for the high 300's and the 2 bedroom units for about the mid 600s.

This would contrast sharply with the Common Council plan presented immediately following. According to this complex plan, copies of which were not passed out to the press, and still in need of some "tweaking" according to Mr. Roach, future condominium developers would pay $30,000 for each studio unit buyout, $67,000 for each one-bedroom unit, $115,000 for each two-bedroom unit and $155,000 for each 3-bedroom unit. There would be a bonus upfront buyout plan discount, Roach said of  10% off. These rates are up sharply for the maximum rate of approximately $50,000 previously proposed. Roach said the plan would be put up for a vote on August 1.