keeping with the hijack....

I went on an ecotour in the El Yunque national park a few years ago. It was an amazing experience, glad I got to see it, I bet it's pretty bad now.

Now back to sat beach, I don't live there but frequent it and I did go to peglegs many moons ago. I like the idea of a beer fountain, I'd pitch in.

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Specializing in sarcasm and condescending rhetoric since 1971.

Rusty, the city manager replied and she is going to get me the records on other offers, shocked.  I will keep the interested parties informed, yeesh.

 

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JMA

I'm glad to hear that, I've been busy with work and hadn't tried to contact her yet. I'd like to see what she shares, assuming she comes through.

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“It is the heart of US policy to use fascism to preserve capitalism while claiming to be saving democracy from communism “ - Michael Parenti

Get this, the City manager sends me an offer that they turned down of $800,000 which is 60% higher than the $500,000 they are thinking about accepting.   When I asked her about the $1,000,000 offer she had mentioned she told me it was a verbal offer and as of now she has not provided me with the information on that offer???  WTH???  Something is going on they don't want us to know about.

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JMA

Depends on what kind of business made the offer. ( 800k) I would think the city wants it to be something that is revenue producing. ( IE: Sales tax, bed tax, real estate tax )

So if you got 800k now but not a lot in the future that may not be better than getting 500k now and more future revenue.....

I do somehow miss Peg Legs. Is so hard to find good greasy fried sea food now days.....

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So if you are a surfer I wish you the prosperity that allows you more time to pursue the salt water dream, and the true happiness that comes from warm water, clean waves and the companionship of your fellow surfers. If you are an internet troll just spewing bs then f off.

So the City manager finally got back to me and they did indeed receive an offer for the property close to the purchase price of $1,500,000.  All because they don't want a gas station on that property they are willing to sell it for $1,000,000 less!  Also the City is concerend about a new piece of legistaltion that will double the homestead exemption and reduce the City's revenue by $620,000.  So they are considering raising our millage rate to offset the lost reveue.  Does anybody besides me see a problem with this math? 

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JMA

What I've heard is that "the city" felt the prestige and improved use of a green hotel was more beneficial to the city and property values than another gas station.

I'm on the fence, I would rather have the hotel, but not sure it's right to discount the property to private investors. What guaranty is there that won't do it half ass and flip the property for full price. Sounds like a trump deal.

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“It is the heart of US policy to use fascism to preserve capitalism while claiming to be saving democracy from communism “ - Michael Parenti

Sounds like Solendra to me, they have an agenda and are willing to spend our money for their personal belief.  This is economics and they don't give a damn what is best for the whole City.  A gas station on a high volume highway seems appropriate to me.  The people who object are like those that buy a home near the airport then complain about the noise and expect us to fix it for them.

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JMA

surfersinceold....i think the City IS looking out for the citizens long term!

Put a higher condo on one end of town in exchange for 2 acres of Oceanfront property for a park we can ALL use!

Now for Peg legs,,, tired of seaing Gas/convenient stores..concrete and canopy!

Rather sea shops on first floor, apts on second floor or something like this...
but no WAWA!!


Rusty...agree NO flippers...they are like spongers = no respect!



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BurrysBreak

Inflation caused The BIG BANG...look it up!

and surfersince65...isn't it funny how tax "cuts work?"

They don't really work like presented...somebody is still paying in the bill...

If you think "trickle down" works...lets try "Trickle up!"

?



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BurrysBreak

Inflation caused The BIG BANG...look it up!

Not only are they willing to give away $1,000,000 but then they are considering raising the millage due to a potential doubling of the homestead exemtion, which will cost them $600,000.  I am sorry if a gas station is something they don't like but picking winners and losers is not city governments job.  Sell it to the highest bidder and be done with it, they never should have bought it in the first place, not governments job.  The Kodsi brothers did us all a favor exchanging that piece of property for the extra density but some who surf RCs might think differently.  This piece of property is on A1A not some neighborhood street, A1A is a high traffic highway so it should have high traffic business' and it is zoned for that too.  They are having to make amendments to the zoning to allow this boutique hotel on that property.

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JMA

Yep...i have neighbors who paid close to 400g for their homes back in The good old days of 2005 and 2006,,,,(which i believe was when this property was bought), and even now their homes are only worth 300g!
City bought at peak...

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BurrysBreak

Inflation caused The BIG BANG...look it up!

Burry, just confirmation that a City Government should NOT be in the real estate business.  That is not their job, limited government and their resposibilities is all they should stick to.  The property has the value or the "gas station" would not have offered $1,500,000 it is the City that won't take that offer.

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JMA

I'm surprised there is nothing about this in Florida Today. Did they say this is a done deal or is it still up for discussion? I would be very interested to see who the buyer or buyers are. I can't believe that they would zone that piece of property for commercial use and sell it for $500K when you can hardly buy a residential lot for under $300K.

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"The government who robs Peter to pay Paul can always depend on the support of Paul," - George Bernard Shaw

“Don’t underestimate Joe’s ability to f—k things up.” - Barack Obama

“End of quote. Repeat the line.” - wise words from Joe Biden

Couple of questions:

Is the initial hit in purchase price made up in long term gains?

A well developed property that generates bed tax and improves the overall values in the neighborhood could indeed be worth more to the city than a gas station.

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That one time gain of 1,000,000 from a point sale isn't going to cover an annual deficit of $600k for very long.

I want to know if the "winner" that they picked is going to be a net winner before I pass judgement.

Zoning and planning are a cities job though.

Are they trying to take away the stripmall and gas station trashiness?

At the same time, if the value to the gas station was 1.5 then whomever is proposing to develop to a "higher use" should absolutely have to cough up more than 0.5.

But hey, our local government subsidizes the shit out of some big companies and we get to make up the difference in sales and property tax.

Heck, how many Billions of taxpayer money is Scott Walker/Wisconsin giving to FoxCon to get them to locate there?

Why can't Satellite Beach get in on that?

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It's on the corner of A1A and a residential neighborhood (mine).

I have zero problems with the city picking and choosing the way we want to grow.

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"The truth is incontrovertible.
malice may attack it,
ignorance may deride it,
but in the end,
there it is." -Sir Winston Churchill

I asked the tax question and the taxes, like all property, will be basied on the purchase price.  Yes it is on the corner of A1A and a residential street, which streets aren't set up like that in Satellite Beach off A1A?  With all due respect if you bought near A1A and a commercial zoned property why should the rest of the city residents pay for a few to dictate what is zoned for that property?

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JMA

My house is deep in that neighborhood, not near A1A.
I just don't have a problem with "hotel" but don't think we needed another gas station.
But they never should have bought the property in the first place.

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"The truth is incontrovertible.
malice may attack it,
ignorance may deride it,
but in the end,
there it is." -Sir Winston Churchill

Edited: 10/08/2017 at 07:26 AM by WG

That is one of the few universal truths of the day.

The timing of the purchase sure is shady.

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