Spirited attempts are being made to prevent the Jewish neighborhood of Nof Zion in Jerusalem from falling into Arab hands.Anyone who can offer their help will be doing a great favor for Israel.
The Digal Company that built the project, which was slated to be a religious-Zionist neighborhood, has fallen upon hard times, failing to pay its debt of nearly 60 million shekels to bond holders. The latter were made an offer of approximately 50% by a religious-Zionist real estate group known as Be’emunah (With Faith), but this was topped by an offer of approximately 60% - in cash – made by a Palestinian Authority Arab with American citizenship.
The potential Arab buyer is represented by Attorney Dov Weissglass, a former friend and advisor to ex-Prime Minister Ariel Sharon during the Disengagement period.
Yisrael Ze’ira, founder of both the Rosh Yehudi outreach organization and Be’emunah, says that his group is seeking to raise 48 million shekels with which to purchase the 15 dunams (nearly 4 acres) on which Stages II and III are to be built. “We are short just a few million,” he told Israel National News. “Those who wish to help can visit our website.” The minimum investment is 320,000 shekels (roughly $89,000) - the price, including Value Added Tax, of land for one unit. Those who invest are promised a discount in purchasing the actual apartment.
Another approach, led by Jerusalem lands reclaimer Aryeh King, is to find buyers for a total of 25% of the bonds, thus preventing the necessary majority of 76% from voting to sell the bonds to Weissglass’ Arab client. The bondholders are to convene for the vote in two weeks’ time. Though some feel this attempt could easily be challenged in court, it could buy time for the Be’emunah group to raise the necessary funds to buy the project.
King’s Jerusalem projects are featured here.
Both King and Ze’ira emphasize that the importance of their efforts cannot be overstated, both for the future of Nof Zion and for Jerusalem in its entirety.
Saturday, December 18, 2010
NOF ZION MUST NOT BE ALLOWED TO FALL INTO PA HANDS
A neighborhood in Jerusalem is under threat of being sold to a Fatah sympathiser, with the help of one of Ariel Sharon's assistants:
Posted by Avi Green at 12:35 PM