AG 2007 10 15 - Laserfiche WebLink

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We concede that the land should not be valued at the highest value in the above chart, due to the fact that the school site is not located on the most accessible and visible areas nearest to Rocky River Road with the remaining 62.837 acres of the overall improved Commercial Neighborhood. However, much of the infrastructure to support the proposed school site is installed ah•eady, or will be prior to the school's operations. The value determined in the last appraisal conducted by Integt•a excludes these opportunities for and;additions to the 22.1 G3 acre site that would significantly increase the value of the land compared to their appraisal Thus, this particular appraisal should not be considered solely conclusive. The first and second Wachovia appraisals more fairly determine a valuation dependent upon all of the affecting circumstances and improvements, and therefore the proposed value of $ 2,414,091.72 is more reflective of the actual value of the property being donated to Cabarrus County. We would like to be cooperative with the County, and we also would like to welcome a new elementary school to otn• community. We agree that this would be an ideal outcome for both the new citizens of this community and for Cabatrus County Schools. Therefm•e~in consideration of all the aforementioned matters, we would recommend a valuation of the urouerty to he S 2,083,040, or $ 94,000 uer acre for the acreaee beir~~utributed. This amount reflects an approximate $14,000 per acre discount to the valuation based upon costs and market values for the property. If we include the opportunity cost (page 3) in the analysis the discount is even more significant. The above amount does not include any improvements to the 22. I G proposed site specifically. The value of those improvements are estimated to be approximately $3,129,039.65 or an additional $141,202. I S per acre insite-specific improvements pursuant to the initiaa requirements provided by the County engineer for Cabarrus County Schools. We could reflect some of this value in the proposed Consent Agreement subject to the total amount o~'the APFO for this comnttmity, with the balance being a conu•act between the County and the developer for the proposed site work. Alternatively, the County can contract geparately with anyone whom they chose and leave those improvements out oftthe Consent Agreement. Based upon the information provided to us by the County for the improvements, we believe that the costs to improve the site as we G-q