IDB President Alan Philipson said he isn’t surprised at the appraised value, saying he was expecting something between $3 million and $5 million.Could always call that Noah's Ark guy one more time. Do they still have his number or does he just show up every few weeks?
The value works out to about $18,500 an acre on the main property and $4,000 per acre on the secondary one, which IDB attorney David Wolf said is essentially unpermitted wetlands in need of mitigation before any development could happen. “It’s essentially 65 aces of marshland,” he said.
Annual operating expenses for the site -- grass cutting, insurance and security -- come to $210,000, with the bulk of that going to the $14,000 per month spent on providing round-the-clock security.
The board doesn’t really have the luxury of just hanging onto the property. Its $421,000 fund balance is due to dry up within two years at current cost levels, Philipson said.
“Personally, I hope that you all will find something to do with this before the money runs out,” he said to nods of agreement from some board members.
Wednesday, August 10, 2016
The money swamp
The Six Flags site is about to go underwater... figuratively this time.