Okay, let's go at this one more once. Apparently, some people still don't know that Robertson Park ain't gonna be a park......anymore. It will become private land. As private land, and because of it's location, it should be obvious that something is going to be developed on this site. There are three entities that will benefit from successful development. They are Dallas, Rowlett, and the developer.
Dallas will receive $31.8 million and 25% of the ad valorem taxes after 21 years. They should be happy.
If the developer creates a development worth about $1 billion, and he nets a modest 20% after taxes, he would earn $200 million. He should be happy.
Rowlett? Well, this gets a little harder to answer. It becomes more difficult because different people seem to want different results. Some are totally misinformed about what's going on, therefore their expectations can not be met. EVER. Rowlett will not own the land. Some citizens have a better idea of what's going on and have their varied ideas about whether it's good for Rowlett (read, themselves), or not.
So......to better equip Rowlett citizens in judging what better benefits Rowlett, we will go to real estate school. I promise to make nothing more complicated than 4th grade arithmetic. In fact, nothing in real estate needs much more than 4th arithmetic. If you can add, divide, multiply, and subtract, you posses nearly all the mathematical skills you need to become a real estate executive. All you lack is experience. I will share some real estate logic with you.
To all of you that want 257 acres of park, it ain't gonna happen. Here's why. The cost to buy the land is $31.8 million. The cost to improve the land with utilities and streets, roads, and lighting is about $100K per acre ($25,700,000.00). Now your basis in the acquisition, and land development is $57,500,000.00. None of this includes one bathroom, or one beach, or one ride, or one picnic bench. It includes only minimal landscaping. So, let's add another $20,000,000.00 for "stuff." Now, we are at $77 million. Would you care to venture a guess as to the attitude of the majority of Rowlett citizens when advised on what their tax rate is going to do with that amount of cost? That is almost enough money to run all of Rowlett for a whole year. Logic tells us we are not going to have a 257 acre park.
How about "some" park? I'm okay with that, providing the park contributes to the total development. I want the "super park" to be a fun place to go, and contribute to the attractiveness of the area. However, at @$2.84 per square foot, not too much land can be spared for walking dogs. Any land devoted to park is land that can not be developed and will not appear on the tax rolls. So, as "okay" as I am with "some" park, I don't feel its absolutely necessarily best for Rowlett. I can make a case for not having any park.
Why no park? Because the money received from tax revenue can be better spent on less expensive land that provides more benefits. In fact, the land would be very cheap. If Robertson Park develops into a $1 billion property, Rowlett should receive about $7.4 million a year in ad valorem taxes, plus retail sales tax revenue. That's nearly 10% of Rowlett's annual cost to exist.
Several years ago, Rowlett supposedly leased all the waterfront land below "the take line" from the City of Dallas. I presume we still have it under lease. We don't own it, but it's really cheap......cheap enough we can do something with it. I think SOME of the revenue generated by the development of Robertson Park can be earmarked for the development of some of the cheap water front land all over Rowlett. We can actually end up with considerably more park land with this approach than we would if we designated some of the Robertson Park land. It would be more land, on the water, landscaped, and spread all over town......close to a number of neighborhoods. I think that's a much smarter land use, less cost, and far more convenient for various neighborhoods.
I think you should support the acquisition of the park, buy a dog, get a pooper scooper, and ABSOLUTELY YELL AT THE MAYOR, CITY MANAGER, AND CITY COUNCIL THAT YOU WANT SOME OF THAT ROBERTSON PARK REVENUE DEDICATED TO WATER SIDE PARK DEVELOPMENT THROUGHOUT ROWLETT. You will be very pleased with your lifestyle, tax rate, and home values, if you do.
The above is a much better real estate analysis than seen on Facebook. There is no charge for this real estate lesson.
Dallas will receive $31.8 million and 25% of the ad valorem taxes after 21 years. They should be happy.
If the developer creates a development worth about $1 billion, and he nets a modest 20% after taxes, he would earn $200 million. He should be happy.
Rowlett? Well, this gets a little harder to answer. It becomes more difficult because different people seem to want different results. Some are totally misinformed about what's going on, therefore their expectations can not be met. EVER. Rowlett will not own the land. Some citizens have a better idea of what's going on and have their varied ideas about whether it's good for Rowlett (read, themselves), or not.
So......to better equip Rowlett citizens in judging what better benefits Rowlett, we will go to real estate school. I promise to make nothing more complicated than 4th grade arithmetic. In fact, nothing in real estate needs much more than 4th arithmetic. If you can add, divide, multiply, and subtract, you posses nearly all the mathematical skills you need to become a real estate executive. All you lack is experience. I will share some real estate logic with you.
To all of you that want 257 acres of park, it ain't gonna happen. Here's why. The cost to buy the land is $31.8 million. The cost to improve the land with utilities and streets, roads, and lighting is about $100K per acre ($25,700,000.00). Now your basis in the acquisition, and land development is $57,500,000.00. None of this includes one bathroom, or one beach, or one ride, or one picnic bench. It includes only minimal landscaping. So, let's add another $20,000,000.00 for "stuff." Now, we are at $77 million. Would you care to venture a guess as to the attitude of the majority of Rowlett citizens when advised on what their tax rate is going to do with that amount of cost? That is almost enough money to run all of Rowlett for a whole year. Logic tells us we are not going to have a 257 acre park.
How about "some" park? I'm okay with that, providing the park contributes to the total development. I want the "super park" to be a fun place to go, and contribute to the attractiveness of the area. However, at @$2.84 per square foot, not too much land can be spared for walking dogs. Any land devoted to park is land that can not be developed and will not appear on the tax rolls. So, as "okay" as I am with "some" park, I don't feel its absolutely necessarily best for Rowlett. I can make a case for not having any park.
Why no park? Because the money received from tax revenue can be better spent on less expensive land that provides more benefits. In fact, the land would be very cheap. If Robertson Park develops into a $1 billion property, Rowlett should receive about $7.4 million a year in ad valorem taxes, plus retail sales tax revenue. That's nearly 10% of Rowlett's annual cost to exist.
Several years ago, Rowlett supposedly leased all the waterfront land below "the take line" from the City of Dallas. I presume we still have it under lease. We don't own it, but it's really cheap......cheap enough we can do something with it. I think SOME of the revenue generated by the development of Robertson Park can be earmarked for the development of some of the cheap water front land all over Rowlett. We can actually end up with considerably more park land with this approach than we would if we designated some of the Robertson Park land. It would be more land, on the water, landscaped, and spread all over town......close to a number of neighborhoods. I think that's a much smarter land use, less cost, and far more convenient for various neighborhoods.
I think you should support the acquisition of the park, buy a dog, get a pooper scooper, and ABSOLUTELY YELL AT THE MAYOR, CITY MANAGER, AND CITY COUNCIL THAT YOU WANT SOME OF THAT ROBERTSON PARK REVENUE DEDICATED TO WATER SIDE PARK DEVELOPMENT THROUGHOUT ROWLETT. You will be very pleased with your lifestyle, tax rate, and home values, if you do.
The above is a much better real estate analysis than seen on Facebook. There is no charge for this real estate lesson.
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