Sports in Austin

[H2O]

Originally Posted by the Genral

With a current value of around $9 million, why would anyone want to pay over $22 million? Something doesn't smell right. It just feels like a ploy to remove Precourt from the equation by stalling long enough to cause Precourt to pull out due to time constraints he put on the CoA to make a commitment. Then there's no pressure on the developer making such a grossly over the value offer to follow through without major negotiations to lower the bid, then take years to follow through with any development. That is if they don't just clean up the property, and put it up for sale. Then what happens if there is a downturn in the economy and construction loans take even longer. This parcel could remain undeveloped for years. Then on the other hand, there is a sure bet on the table by Precourt who I would say is willing to sweeten the deal to make this happen, if the Council is willing to see the benefits and compromise. He has put considerable energy into this, and I would say even if he has to stay in Columbus for the time being, he won't be that welcomed, another incentive to cave in on some infrastructure arrangements with the city. But it all comes back to this...why would anyone with any business savvy pay more than twice the value for a piece of land? Could that be a decoy bid? I doubt its binding.

The TCAD assessed value is $9 million. That is based on current uses and conditions. The appraised value is $29.5 million. It is based on the Fair Market Value of the development potential.