Swiping and paraphrasing from The Derecho, on StoneHaven. Be sure to read both parts of Derecho’s missive, which are linked below.
Be warned – there are numbers in this posting.
StoneHaven is an 882 acre, 1650 home development proposed in the western end of the county (near Jiffy Lube live). As part of the proposed development, the applicant has proffered 91.2 acres of that 882 acres as a site for a high school – something PWCS desperately needs. By law, counties are entitled to receive proffers; land, cash, roads, or a combination of those, as compensation for the cost of constructing facilities for public services, like schools and fire stations, that new development requires.
At issue is how you value the property and how much value you assign to the land being proffered, because that will determine if the developer has to pay more cash or provide more land to make up the difference.
So here goes…..from Derecho, using his / her numbers.
Current assessed value:
– of the entire 882 acre parcel – $15,943,100
– of the 91.2 acres for the school – $1,648,538
– of the entire 882 acre parcel $166,048,850
– of the 91.2 acres for the school $17,169,677
Based on proffer guidelines, Stonehaven would need to proffer the following for schools in either land or cash or a combination of both:
– 2006 guidelines $21,710,125
– 2014 guidelines $31,661,225
Stonehaven’s proposed value of the proffered 91.2 acres
At $24.25 million, the proposed valuation of the land:
– is $7 million greater than the market value of adjoining properties; and,
– is $7 million less than the 2014 proffer requirements.
Meaning that if the $24.25 million proposed valuation is accepted, then the applicant would be able to avoid paying about $14 million in proffers (the difference between the market value of the land and the 2014 proffer level).