As reported in Townbroadcast recently, the Wayland City Council agreed to sell a 25.11-acre city-owned parcel to developers.
Not being at the meeting, I am depending on the accuracy of the report by someone who was reporting on the meeting. I have no doubt the author was correct, and if he wasn’t, please respond to this article and set me straight. But let’s presume everything reported about the sale of the property was correct.
I’m no property expert, but I know commercial property sells for far more than residential and farm land. I’ve heard and spoken to many people about the article in Mr. Young’s posting and have heard overwhelmingly the comment “that’s really cheap.” Some have said if they knew the land was for sale at that low of price, they would have bought it.
If you divide the selling amount by the acreage ($20,000/25.11), the per acre price is $796.50! I’ve never heard of any land sold $1,000 per acre in 2017, let alone the low price paid for this commercial property.
Being a taxpayer to the city, I (and I presume many others) would like to ask a few questions of the City Council:
- When did the city buy this property and how much was originally paid? How much in taxes were collected on this parcel per year? What was the difference in the original purchase price of the property by the city and selling price?
- Was the property sold through a realtor or was it sold by a bidding process? And if it was a bidding process, was it publicly announced and advertised?
- What was the asking price through the realtor and why was it finally sold for a paltry $20,000?
I think the citizens and taxpayers of the city are due some answers concerning this sale and how it transpired.
If the City Council was so determined to rid themselves of the property, why didn’t they do one of two things:
- Publicly announce the property for sale by bid. OR
- Auction the property off in an open property auction.
I’m sure either process would have resulted in much higher selling price than $20,000. I welcome any City Council member to address this and explain how commercial property was sold within the city limits for the paltry sum of $20,000. You owe it to the taxpayers to explain how this came about and why.
Perhaps your answer to why it was sold so cheaply, would be to ask WHO it was sold to. Sounds like SOMEONE got s Sweet Secretive deal to me.
Hey Bob, those fields have been for sale for near 2 decades. What sort of secretive SWEET deal could there have been? I, as a City of Wayland tax payer am happy that the city no longer owns the parcel and the new owners WILL be paying taxes on said parcel. Anyone could have got the “SWEET SECRETIVE DEAL”. In fact there are many more parcels still available, go for it man!
Come on folks, get real. The Reno industrial park has not been a rousing success for many years. The parcel in question is part of 40 acres the City bought more than 20 years ago. Ten years ago, it was platted into smaller parcels, and this one still sits there empty.
Empty – City has costs, but no revenue for 10 years. Two potential deals flopped three years ago, and still it sits empty. So the City jumps at an offer to sell. Did they sell it cheap? Hell no, they got $20,000 more than they did when it sat empty. Cash in the city coffers and future revenue, as the owners have to pay taxes. And when they build something, more revenue to the City. And maybe they hire employees and one of them decides to move to Wayland and starts spending money for gas and groceries in Wayland. And yes, some home needs from Wayland Hardware!
All you that claim that you would have jumped to buy it for $800/acre – why didn’t you? Do you have business plans ready to go? There is more land there – show the city your business plans and see what you can do with them. If no, then congratulate the City for generating a little life in a moribund industrial park project.
Hey Tom, Your reply was very well put. They give away property in Detroit just to get it back to taxable for the city. Those fields have been sitting there for near 2 decades and I am happy that we are FINALLY developing more of Reno Dr. Great post Tom, ty
Tom and Ken, you bring up some good points. I looked at the property and the realtor sign was still on it when I drove past, so most people probably thought it was still listed at what the City said was $50,000 per acre. ($1,255,500 total for 25.11 acres).
Then it is found out the realtor listing was done about a year ago. Did the city announce it was asking for bids on the property? If they were so hot to get rid of it, why didn’t they announce for public bids or put it up for auction? I’m sure the selling price would be significantly more than $20,000.
I don’t doubt it would be much better to have it sold, but giving commercial property away when all other business and residential property owners paid and pay quite a bit more for property and taxes over time, why should property be sold at fire-sale prices or given away just so development is going on?
Putting it up for bid or auction would make this controversy go away. Best price wins. Get on with it.