Appraisal Of Park Hill Golf Course July 26 2018

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:

  1. 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]
  2. 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
  3. 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.

REAL PROPERTY APPRAISAL REPORT – Appraisal (Final) Park Hill Golf Course – Nelson 7-23-18