After a public attack alleging that Trustee John Mauk and his employer, CB Richard Ellis, could possibly benefit from a deal between designated St. Paul's developer AvalonBay and the village, he announced his immediate resignation as chair of the Mayor's Committee on St. Paul's - as well as his involvement in the committee altogether - in a formal letter sent to Mayor Peter Bee last week.

Allegations stemmed from the Feb. 7 board meeting when Euston Road resident Ed Keating, a member of the executive committee of the Committee to Save St. Paul's, told trustees that Mauk's employer has a "well-publicized history of brokering the sale of AvalonBay properties, typically a few years after AvalonBay completes construction of a given development" and that "an affiliate of CB Richard Ellis, known as CB Richard Ellis Global Real Estate Securities, owns nearly 300,000 shares of AvalonBay stock, an investment valued at more than $28 million."

Keating further alleged that "more than 200,000 of those shares were acquired during calendar year 2007 during the very time period when the AvalonBay proposal had been under consideration" and that "this investment in AvalonBay stock represents nearly 12 percent of its stock holdings in S&P 500 companies" and that "AvalonBay filed an 8K statement with the SEC claiming it had an option for 'development rights' in Garden City for an 'estimated number of 160 homes.'"

"Is it just a coincidence that at the very same time you have been pushing for an AvalonBay development, an affiliate of your employer has been buying AvalonBay shares by the bushel?" Keating asked.

Trustee Mauk, who refrained from any comment on the issue during the meeting, stated in a letter to Mayor Bee that he was unaware of any business relationship his employer had with AvalonBay until the issue was raised. "...If I had known of one, I would have announced that fact in public immediately," he said.

After determining, however, that such a relationship does indeed exist, Trustee Mauk defended himself, stating that the relationship is "far different" from what was portrayed. He notes in the letter: "CBRE's investment in AvalonBay amounts to a tiny fraction, approximately .00074 percent, of the total $37.8 billion invested by CBRE Global Investment Management. In addition, CBRE's stock ownership doesn't represent 12 percent of AvalonBay's outstanding stock, as alleged at the meeting, but a much less substantial .04 percent."

He added that many of the other "facts" cited at the board meeting were "presented out of context, or are completely inaccurate." He wanted to make vehemently clear that this issue has absolutely nothing to do with any decision he has made regarding St. Paul's - or anything else. "Once I learned of the connection, however, I resolved to take steps immediately to avoid even an inference of any impropriety," Trustee Mauk said.

He continued, "The relationship between AvalonBay and my employer is tangential and inconsequential to the St. Paul's project. But I'm convinced that any connection will always cloud the process and enable others to question my motives in seeking to advance the redevelopment.

"I consider a decision on the future of St. Paul's to be among the most important the village will ever make. I don't want that obscured by people who would prefer to make me the issue, instead of allowing an honest examination of the facts ... By removing myself from further decisions regarding AvalonBay redevelopment of St. Paul's, I hope to refocus the discussion on the facts and merits of the redevelopment options, and to keep this important decision from being distorted by irrelevant side issues..."

Mayor Bee, as noted in this week's mayor's column, regretfully accepted Trustee Mauk's resignation from the committee. "I think this is a great loss for the village," he said. "It is up to the rest of us now to move forward on this project, but John's participation will be sorely missed."

Mayor Bee continued, adding, "I know John to be a person of great character and integrity. I am satisfied that the relationship between his employer and AvalonBay has absolutely nothing to do with the redevelopment of St. Paul's or John's leadership in that process.

"I agree with him, however, that the business connection will always make John a ready target for anyone who wants to challenge his work on St. Paul's. John has also told me that he hopes his departure from the committee will cause people to refocus attention on the merits of any proposal for the development of St. Paul's, rather than the personalities of the people involved."