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Post by bob on Oct 16, 2007 14:08:52 GMT -6
Do people honestly believe that the BB lawyers will not petition for it back if we do not put a school there? No. My understanding was that BB has a contract for the entire 80 acres with PREIT, so they will ask for it back. My earlier question was regarding the wording. It read like it was 25 acres or nothing, in other words, if we built on 1 of the acres we could sell the remaining 24. The 80 acres under contract with PREIT is what they took from BB zoned commercial along RT 59. |
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Post by wvhsparent on Oct 16, 2007 14:13:09 GMT -6
Actually it was for the remaining 71 70.9 acres that PREIT has a contract for
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Post by momof3 on Oct 16, 2007 14:22:39 GMT -6
Actually it was 71 70.9 acres that PREIT has contract for My mistake - I thought you had dug through the trial notes and come up with some tidbit about a contract for the remaining acres if the district didn't purchase it. eta - Ok this is the posting I misinterpreted. This is just for the 70.9 frontage property. And it hasn't closed. At least not as of the trial date. Interesting. Just for info. Within the court documents, I found a stipulation that states PREIT has a contract for the remaining 70.9 acres for a price of $566,280/acre or 40.2mil. |
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Post by dpc on Oct 16, 2007 14:53:23 GMT -6
Unless it was a given that BB planned on getting it back if no school was built. So, the district can sell it for twice what we purchased it for as long as BB doesn't want to buy it back and then sell if for twice what the district purchased it for, right? I have a feeling they want it back. I'm quite sure they want it back too. Wasn't that their basis in asking for damages? |
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Post by proschool on Oct 16, 2007 18:00:37 GMT -6
When does BB have to announce that they want the 25 acres back?
Can the just wait until the day before the SD sells it to someone else? It may be impossible to find a buyer under those circumstances. Why wouldn't BB just hold onto the money for years before they have to buy it back? In the meantime they can watch the property appreciaite without risk.
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Post by Arch on Oct 16, 2007 18:12:41 GMT -6
When does BB have to announce that they want the 25 acres back? Can the just wait until the day before the SD sells it to someone else? It may be impossible to find a buyer under those circumstances. Why wouldn't BB just hold onto the money for years before they have to buy it back? In the meantime they can watch the property appreciaite without risk. Take that a step further, that leaves us with no $$ to use in the meantime either. No buyer, they don't ask for it back, our $$ is tied up. |
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Post by gatordog on Oct 16, 2007 19:04:44 GMT -6
proschool and archwinsome....good points. Subtle thinking on both of your parts.
Usually one holds property as investment and forgoes the alternate use of the cash for investment. My goodness, can BB have it both ways??
Why would BB want to facilitate the SD walking away? They have a seller at the price they wanted.
Has the walk away price gotten $6 mil higher for the indefinite future?
thank you wvhsparent for throwing out some legal nitty-gritty. Who knows what this fully means...I am not a lawyer, and I dont play on on TV either.
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Post by wvhsmomcares on Oct 16, 2007 19:27:49 GMT -6
What is the "fourth" property?
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Post by wvhsmomcares on Oct 16, 2007 19:28:24 GMT -6
Is it in another area, or is it on BB property...like shuffling around some things to make a 4th option?
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Post by proschool on Oct 16, 2007 19:29:22 GMT -6
What is the "fourth" property? My guesses are BB, Calvary, St.Johns and Macom. |
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Post by wvhsmomcares on Oct 16, 2007 19:30:49 GMT -6
This commentary is wrong: "One good thing came out of this court battle; we now know the 25 acres of land the district already owns at Route 59 and 75th Street is worth $518,000 per acre or just under $13 million.:
dahhh...if this is the case, BB would buy back at lower cost...
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Post by wvhsmomcares on Oct 16, 2007 19:31:31 GMT -6
So, Calvary.... how does that fit budget, that's the million dollar question?
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Post by wvhsmomcares on Oct 16, 2007 19:32:36 GMT -6
And besides, if that's true, and Metea moves into new land there, and land is freed up, I heard that it allows for a large big box retailer to move in?
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Post by wvhsmomcares on Oct 16, 2007 19:33:44 GMT -6
If SB is comparing apples to apples, wouldn't the also look into what changes near them if they move over and take land from Calvary...
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Post by wvhsmomcares on Oct 16, 2007 19:35:45 GMT -6
Hey, if they can build the school like promised, without extra cost, then I think it's a worthy discussion...and creative. If there is a significant difference, then I think it's only fair to strongly consider other land.
And besides, it's really up to 1 main board member, if JC wants it, it will happen. I haven't seen her not get her way?
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