That's with minimal or no environmental issues. So AFTER the city remediates, you would expect the value to be approximately $26 million. Cleanup could be $15-18 million, but in Khan's proposal the city would be on the hook up to $35 million if necessary.
http://www.jaxdailyrecord.com/showstory.php?Story_id=545448
Ouch.
So we're looking at giving away another scoreboard ( $41 to $61 million) to get things started...
Quote from: thelakelander on May 15, 2015, 04:19:19 PM
So we're looking at giving away another scoreboard ( $41 to $61 million) to get things started...
so what other way to get this land developed? please do tell..
LOL, don't take it personal!
How much is it worth sitting there empty?
Quote from: Keith-N-Jax on May 15, 2015, 08:05:47 PM
How much is it worth sitting there empty?
$26 million according to this appraisal.
Ok, so how much revenue is it producing? And you knew what I meant. Sitting there empty its worth zero!!!
Quote from: ProjectMaximus on May 15, 2015, 08:10:48 PM
Quote from: Keith-N-Jax on May 15, 2015, 08:05:47 PM
How much is it worth sitting there empty?
$26 million according to this appraisal.
Quote from: Keith-N-Jax on May 15, 2015, 08:16:59 PM
Ok, so how much revenue is it producing? And you knew what I meant. Sitting there empty its worth zero!!!
How much revenue will it generate if we pay Shad to take it and then exclude him from taxes? Sounds like it's less than $26 million.
Well lets hope for the best deal for both parties. What is exactly on the table deal wise?
Quote from: Keith-N-Jax on May 15, 2015, 08:16:59 PM
Ok, so how much revenue is it producing? And you knew what I meant. Sitting there empty its worth zero!!!
I wasn't 100% sure what you meant cause I thought maybe you were just disputing the appraisal number. If it wasn't empty and it was producing revenue then it would most likely appraise much higher. As it sits empty this is the appraisal amount, at least according to them.
Quote from: Keith-N-Jax on May 15, 2015, 08:43:13 PM
Well lets hope for the best deal for both parties. What is exactly on the table deal wise?
I don't think they've begun negotiations. All we've gotten is Khan's starting point, which is pretty much asking for everything possible.
Hasn't land on Riverside Ave traded for around $1-2+mm an acre? If so, then even after remediation, this waterfront land is less valuable than non-waterfront land on Riverside. This land appears to have the same value as land on the SS, but I could be mistaken.
With the density/development potential, you'd think this land would fetch record pricing, assuming it's ready to see infrastructure put in. But perhaps it's less valuable as 30 developable acres and more valuable as smaller adjacent parcels.
Quote from: Tacachale on May 15, 2015, 08:33:11 PM
Quote from: ProjectMaximus on May 15, 2015, 08:10:48 PM
Quote from: Keith-N-Jax on May 15, 2015, 08:05:47 PM
How much is it worth sitting there empty?
$26 million according to this appraisal.
Quote from: Keith-N-Jax on May 15, 2015, 08:16:59 PM
Ok, so how much revenue is it producing? And you knew what I meant. Sitting there empty its worth zero!!!
How much revenue will it generate if we pay Shad to take it and then exclude him from taxes? Sounds like it's less than $26 million.
So if Shipyard get developed by Shad and the city get College Football championship game and other types of event..I think its more than 26 million revenue for the city.
That number isn't worth the value it says on paper. No way to know what lies beneath the surface and this city leadership, for the last 4 years has proven inept, so wait till its all cleaned up, which the city is responsible for, before making valuations.
Please don't limit the cities "inept leadership" to the past 4 years. We had 16 consecutive years of Republican leadership which did absolutely nothing to this parcel. They did not even clean it up for a prospective buyer.
You would think Alvin Brown inherited a Paradise when he became Mayor. The opposite is true. He inherited pretty much a disaster downtown and a pension crisis that the previous 16 years of Republican Mayors did nothing to solve.
Quote from: Rynjny on May 15, 2015, 11:47:17 PM
So if Shipyard get developed by Shad and the city get College Football championship game and other types of event..I think its more than 26 million revenue for the city.
What makes you say that? How so? With the current deal in place, I think you'd be expecting the city to lose a lot of money with each of those events. Which to me as a citizen is fine, but I'm just wondering how you think the city could make more than 26 million in revenue?
Quote from: ProjectMaximus on May 16, 2015, 03:17:55 PM
Quote from: Rynjny on May 15, 2015, 11:47:17 PM
So if Shipyard get developed by Shad and the city get College Football championship game and other types of event..I think its more than 26 million revenue for the city.
What makes you say that? How so? With the current deal in place, I think you'd be expecting the city to lose a lot of money with each of those events. Which to me as a citizen is fine, but I'm just wondering how you think the city could make more than 26 million in revenue?
so you're saying the city lose money for events like Florida/Georgia game? revenue from people coming from other place to spent money in this city..food, hotel and entertainment, etc..
Quote from: Rynjny on May 16, 2015, 03:32:19 PM
Quote from: ProjectMaximus on May 16, 2015, 03:17:55 PM
Quote from: Rynjny on May 15, 2015, 11:47:17 PM
So if Shipyard get developed by Shad and the city get College Football championship game and other types of event..I think its more than 26 million revenue for the city.
What makes you say that? How so? With the current deal in place, I think you'd be expecting the city to lose a lot of money with each of those events. Which to me as a citizen is fine, but I'm just wondering how you think the city could make more than 26 million in revenue?
so you're saying the city lose money for events like Florida/Georgia game? revenue from people coming from other place to spent money in this city..food, hotel and entertainment, etc..
When you say city are you talking about the government and taxpayers? Or the private sector? I assumed we were talking about the government. I am not an expert on this stuff but I am pretty sure the city struggles to break even on events like this. Indirectly, over time, there is a positive effect (we hope) for the city but you seemed to state so certainly that the city would see over $26 million in revenue from giving away the land.
The TU says this year's Gator Bowl saw $33.3 million economic impact (which will always be a generous estimate) and it cost the city $1.6 million simply to prepare the stadium. If those were all of the costs (obviously not with security, infrastructure maintenance, etc) then the city would need to have recouped 5% in taxes off that economic activity to break even. Possible, but seems a far cry from the revenue you suggested.
In any case, as a taxpayer, I DO want to see the property developed and I DO want to attract major events that may not produce revenue for the city. I think it's worth it for quality of life and indirect economic benefits. I was just curious and wanted to know what I might be missing in the equation if the city gives the land away.