FOR YOUR CONSIDERATION:

LaCour/Atanasoski Riverwalk TIF [Tax Increment Financing] Proposal For 50% of City of Port Orange Future Riverwalk Tax Revenues
OR
LaCour/Atanasoski is asking the City of Port Orange a/k/a taxpayers, For an Estimated $10,639,000 or More [That’s 10 Million] to Begin Construction of 307 Condominium Units
FOR YOUR CONSIDERATION: 
Concern About Very Subjective And Unsubstantiated Projections by Cooksey & Associates   For a Private Sector Project That Seems to Have Difficulty Standing On Its Own Merits
Mr. LaCour introduced JAMES COOKSEY, MAI of Cooksey & Associates, to make the case for 1,500 sq/ft condominiums that will sell out for the following asking prices:

• 102 units @ $375,000 between years 2016-2018
• 102 units @ $385,000 between years 2018-2020
  • a 2.66% increase from 2016-2018
• 102 units @ $395,000 between years 2020-2022
  • a 2.59% increase from 2016-2018

As a result of these sales, the City of Port Orange would eventually realize the following tax revenue:

• by 2022, a period of 6-7 years – an estimated $3.644 million
• during the period of 14 years [2023-2036] – an additional estimated $16.330 million

So, if the City of Port Orange a/k/a taxpayers, is:

• patient for 22 years
• contributes an estimated $32,573 per condo unit
• absorbs the infrastructure costs
• as well as the development costs for the Riverwalk
• as well as all the maintenance costs for the Riverwalk
• and the projection crystal ball is perfect …
• etc …

NO INDEPENDENT or SECOND OPINION ON TIF PROJECTIONS
At tonight’s meeting, MON 30JULY2014, there was no second or independent opinion presented. And a soft ultimatum to the City Council was served by the developer.
So, in the absence of a second or independent opinion, let us look at some current facts from what a great number of homebuyers refer to –  to establish purchase offers.

• Zillow.com zipcode 32127 Home Values & Price
  • 18.9%Homes with negative equity (18.8% US Avg) (Mar 31, 2014)
  • 12.4% Delinquent on mortgage (7.2% US Avg) (Mar 31, 2014)
• Zillow.com zipcode 32119 Home Values & Price
  • 30.9%Homes with negative equity (18.8% US Avg) (Mar 31, 2014)
  • 9.9% Delinquent on mortgage (7.2% US Avg) (Mar 31, 2014)
• County of Volusia, Property Appraisers Office, Sales for Halifax Landing, South Daytona Beach a/k/a [Subdivision 33-15-33-30 Halifax Landing Condo] as of 06/18/2014 for condominium units ranging from [1,400 sq/ft – 2,100 sq/ft]
  • sales for previous 12 months [7 sales]
    • Search Criteria: Owner Name=[NONE] Sub=[33-15-33-30] Years=[1] Price=[0-ANY] Bedrooms=[=all] Bathrooms=[=all] SQFT=[0-ANY] QUAL=[All] V/I=[]
  • sales for previous 24 months [62-7=55 sales]
    • Search Criteria: Owner Name=[NONE] Sub=[33-15-33-30] Years=[2] Price=[0-ANY] Bedrooms=[=all] Bathrooms=[=all] SQFT=[0-ANY] QUAL=[All] V/I=[]

In any of the sources commonly used by home buyers nationwide, I could not find any obvious rationale for the selling price projections presented by Cooksey & Associates on behalf of LaCour/Atanasoski. Therefore, I find it difficult for anyone to accept only the developer’s projections and would consider it not prudent for the City Council, et al, to approve this TIF proposal on face value.
In the majority of years visiting and living in Port Orange, since 1998, I have observed the City of Port Orange creatively navigate through it’s challenges. You’ve only recently heard my repeated objections to LED signage and the resulting Uglyfication of Port Orange.
I only ask, that as it has in the past, the City harness the resources to creatively navigate Riverwalk. And what I witnessed at tonight’s meeting did not come close to meeting that standard.
Thanks in advance for your consideration,
—
Tom [Tommy] Menocal
985 Countryside West Blvd
Port Orange, FL
g: 414.367.4140 – GoogleVoice#