Here is the appraisal- link
Page 2 The subject property has been offered for sale for more than 20 years.
Page 4 Prolonged disruptions in financial markets may impact commercial real state markets
Page 4 COVID is a unique event that is expected to be temporary, a reliable estimate of the impact on commercial real estate is not possible,
Page 22 The site characteristics are as follows: Gross land area 44.06 acres, Usable Land area, 31.06 acres, usable land % is only 70 %,
Page 24 According to discussions with the city of Germantown there will be a required detention basin PLUS an additional 5 acres of non-disturbance area and is estimated to cost AT LEAST $1,000,000
Page 41 A review of online data indicated that the subject property taxes were delinquent as of the date of the property appraisal.
Page 55 The appraised value of the property is $3,310,000 but is adjusted by the cost of the detention basin as discussed, which the city estimates as $1,000,000 leaving a value of 2,310,000
Page 56 If the actual cost of the detention basin differs, it could alter the value conclusion,
Sanders further states that this is a six million dollar project and there will still be the need to find a corporate partner to build the fields, install lighting, concession stands, restrooms etc., and states that we shouldn’t gamble with the taxpayers money.
Our Master Park Plan indicates that a long field complex will never be a revenue generating facility, in fact it will cost the taxpayer approximately $330,000 to maintain the facility each year.
Dean Massey seconded Alderman Sanders' motion.
The motion failed 3-2.
I am a big proponent of having adequate sports fields in the community, but I feel that we need to consider more than this one exceptionally costly option, given the underfunded pension plan liabilities and infrastructure needs of the community.
The third reading of the budget is tomorrow, August 24. If you want to voice your opinion about the sports fields, or anything else in the budget, email CTBH@germantown-TN.gov. You must include your name, address, and telephone number.