Attached is an appraisal commissioned by the city in the summer of 2018 in connection with its need to pay compensation to Clayton Early Learning [the then land owner] and Arcis [the then golf course operator] for damages resulting from the city’s stormwater detention project in the NE corner of the PHGC land. Here are some takeaways from the appraisal:
- The encumbered value of the land prior to the “taking” pursuant to the condemnation agreement between Clayton and the city was $2,941,648 which was slightly lower than the $3.1 million appraisal commissioned by Clayton in 2015 [page 8]
- The appraised amount of the compensation damages was $415,300 [page 8] excluding the cost of returning the land to a golf course at the end of the project
- Therefore the $6 million paid by the city to Westside in connection with the November 2019 “Settlement Agreement” apparently included (a) $415,300 to settle the condemnation “takings” claims made in the two lawsuits and (b) $5,584,700 for the hypothetical cost of returning the land to a golf course at the end of the stormwater detention project which Westside will never do.