AG 2007 10 15 - Laserfiche WebLink

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Road frontage in the Conunercial Neighborhood is arguably a higher per acre value than the proposed donated site. However, by moving certain lower value Commercial Neighborhood uses to the proposed school site, because it is included in the Commercial Neighborhood for such purposes, this opportunity will allow for greater acreage to be utilized in the Commercial Neighborhood for higher values purposes, both for its location and proximity to Rocky River Road, and also for the types of uses (e.g., more retail space) that wit l afford in comparison to the former residential uses, We are currently entertaining proposals with commercial developers for the acreage along Rocky River Road in the range of $250,000 - $300,000 per acre improved. Using the lower end of the range, and discounting it by 20% for time, the current value today could be easily argued at $200,000 per acre for that location. If we gain an additional 15 acres in this area of the Commercial Neighborhood because the proposed school site is not donated, and we build town homes on the proposed school site instead of building them in the area near Rocky River Road, then the value of this 15 acres goes to $200,000 per acre or $3,000,000, instead of $1,950,000 or $130,000 per acre for the town home usage. That increase of $70,000 per acre ($1,050,000 in total) is an opportunity cost that is fot•gone by the developer in order to donate the proposed school site to the County. Allocating the total lost revenue over the flcreage of the school site (22.16 acres) results in approximately $47,382.67 of lost revenue per acre associated with the school acreage. This opportunity cost is not included iii the cost analysis shown in Exhibits A and d, Secondly, the ract has benefited from infiastruchue improvements not noted or considered in the Integra appraisal. One four lane boulevard has been constructed, and another four lane boulevard is planned for construction leading to and from the tract, which considerably eases traffic flow in a future high-traffic area, including the planned school traffic. There, will be more outlets for school traffic than currently exist for both the existing C,C. Griffin Middle School as well as the proposed elementary school. Other significant improvements to the tract have been made and will be made in the future, including the v~~idening of Rocky River Road to three lanes, the addition of turning lanes on Rocky Rivet; Road, the addition of a traffic signal at the primary entry point for school traffic, and the, improvement of another intersection at Pharr Mill Road to address the increased traffic both for the neighborhood and the proposed elementary school. In G-q