statement of proposal property review - Palmerston North City Council

PALMERSTON NORTH CITY COUNCIL
Option One: Sell the land as shown on map
Costs: Subdivision and sale $180,000
Reduction in amenity of walking access.
Reduced amenity for neighbouring properties.
Benefits: Estimated value (before costs) $600,000
Some minor saving in mowing costs.
Option Two: Sell smaller areas
Council could consider a smaller area. Layout would need to accommodate useful building platforms and subdivision engineering standards.
The costs and benefits would vary depending on what area was proposed.
Costs:
Benefits:
Costs would depend on the areas proposed and could range from $20,000 for a single section to $180,000 as described in
Option One.
Income for use on reserve development (after deducting costs) would depend on the areas proposed and could range from
$70,000 for a single section to $420,000 as described in Option One.
Some minor savings in mowing costs.
Option Three: Retain the land
Costs:
Benefits:
Opportunity cost of up to $420,000 for use on other reserves.
Retains wide accessway.
Retains current amenity levels.
DMS# 969036