CHEAP LAND SUBSIDIZE
STATER'S LOWES AND JACOBSEN PROFITS !!
Jacobsen said in Thursday's meeting that he paid $3,625,000 for land so far and $1,497,000 in relocations/busines expenses.So we know he agrees to pay that much to buy the LAND.These numbers total $5,122,000 on the 6.7 acres he has closed escrow on,
AVERAGING $764,447 per acre.At that price per acre it's about $17.13/sf or
This would equal $1,452,507. calculated for Stringfield's 1.9 acres.The land he is buying from the city he SAID Thursday he is paying $1,760,000
for 5.4 acres or $325,925/acre or $8.50/SF.
However the DDA shows $7.50/sf for land sales instead
If you average these two purchases together mathematically you get $578,512.acre or $13.28/sf for land. About what they have offered Jo.
FURTHER PROBLEMS of the DEVELOPMENT DEAL
During the 15 months Jacobsen has had this property in escrow,
he was supposed to assemble ALL the land parcels and
SIGN tenants and provide approved building plans.
He was supposed to apply for permits & pay all fees (page 12)
and meet all environmental requirements BEFORE
getting title and closing escrow on the city land parcels.
Permits, fees and environmental are for approved projects.
This project has not even been before the planning commission!
until last Thursday's PR meeting.
This is the purpose of the 15 month exclusive due dilligence period
from the Dec 2004 Development Agreement which expired on 4-15-2006!
IF the city allows 4 land sales now, without all the parcels
there is no guarantee WHAT kind project will be approved
there is no guarantee that a LIBRARY will be included.
With NO traffic studies done or environmental issues addressed,
what will need mitigation, and how will it get done later?
Do the traffic study and the environmental report first.
What are you waiting for? Quick cheap land sales?
If the city sells land at half price, the developer could sell to another
and make double his money at a market rate sale of land.
Approvals first, environmental reports first, LAND sales after.
he was supposed to assemble ALL the land parcels and
SIGN tenants and provide approved building plans.
He was supposed to apply for permits & pay all fees (page 12)
and meet all environmental requirements BEFORE
getting title and closing escrow on the city land parcels.
Permits, fees and environmental are for approved projects.
This project has not even been before the planning commission!
until last Thursday's PR meeting.
This is the purpose of the 15 month exclusive due dilligence period
from the Dec 2004 Development Agreement which expired on 4-15-2006!
IF the city allows 4 land sales now, without all the parcels
there is no guarantee WHAT kind project will be approved
there is no guarantee that a LIBRARY will be included.
With NO traffic studies done or environmental issues addressed,
what will need mitigation, and how will it get done later?
Do the traffic study and the environmental report first.
What are you waiting for? Quick cheap land sales?
If the city sells land at half price, the developer could sell to another
and make double his money at a market rate sale of land.
Approvals first, environmental reports first, LAND sales after.
