statement of proposal property review - Palmerston North City Council

PALMERSTON NORTH CITY COUNCIL
Option One: Sell 2,800 sq m fronting Hind Place
Costs: Subdivision and sale $166,500
Signage improvements $ 5,000
Loss of neighbours, street and park amenity.
Reduced visibility of car park and paths.
Benefits: Estimated value (before costs) $800,000 for purchase and development of other reserves
Some small mowing savings.
Option Two: Sell a smaller area
Council could consider a smaller area. The area that could be sold could range from 350 sq m to 2,800 sq. Layout would need to
accommodate useful building platforms and subdivision engineering standards. The costs and benefits would vary depending on what area
and was proposed.
Costs:
Loss of neighbours and streetscape amenity.
Reduced visibility of car park and paths.
Benefits:
Estimated value range depending on area and size of sections. Say net $130,000 per section
Some small mowing savings.
Option Three: Retain the land
Costs:
Benefits:
Opportunity cost of up to $628,500 for use on other reserves
Minor mowing costs.
Retains existing neighbours and streetscape amenity levels.
Retains visibility of carpark and paths.
DMS# 969036