The city has been buying up parcels of land on the beachfront as it gets grant money to use. But, there are still 12 parcels we don’t own.
The Boinis plot is the 3rd smallest one. There should be no big rush to get this plot, as we have 11 other plots in private hands and we are not fishing hundreds of thousands of dollars out of the shrinking contingency fund to scramble to get those.
What’s the rush? Boinis says he will “accept” $510,000. That is so big of him, for a property that is assessed, by the tax office, at $172, 480 on which he pays $3,597.45 taxes.
I suggest we let him keep the property if he refuses the $310,000 grant money, get Lori Parrish to re-assess the property using the same whiz kid appraisers who gave the city the figure of over $600,000 (for a spit of land that cannot be used for anything) and let him pay those taxes for a few years. I think soon he will be begging the city to take the property as a gift.
If the city caves in to his outrageous demands, what does that do to the comparables used by appraisers for the other 11 plots we will be looking at in the future?
This shocking deal could well end up costing us hundreds of thousands of $$$$$ as beach property owners will use the inflated Boinis property purchase to set the price they will put on their plots.