statement of proposal property review - Palmerston North City Council
statement of proposal property review - Palmerston North City Council
statement of proposal property review - Palmerston North City Council
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PALMERSTON NORTH CITY COUNCIL<br />
3. Bowen Street - Linton<br />
<strong>Council</strong> owns 2 lots with a combined 4,578 sq m in Linton <strong>of</strong><br />
Bowen Street. The land has been grazed by the neighbouring<br />
farmer since it was no longer needed as a hydatid dosing strip.<br />
The Ministry for Primary Industries risk assessment team<br />
confirms there is no risk or issue for any future use.<br />
No known alternative uses are foreseen or suggested for this<br />
land. Preliminary investigations suggest if it were rezoned<br />
during the <strong>review</strong> <strong>of</strong> the District Plan it is a viable house site.<br />
The rateable value <strong>of</strong> similar land as a house lot in the area is<br />
$160,000 although a discount due to some <strong>of</strong> parcels contour is<br />
likely.<br />
Proposed<br />
sale<br />
Reserve under the Reserves Act or Park under Local<br />
Government Act? No<br />
<br />
Net proceeds could be used for any purpose.<br />
Option One: Sell the land<br />
Costs: Sale $5,000<br />
Benefits: Estimated value $95,000<br />
Option Two: Retain the land<br />
Costs: Opportunity cost for use <strong>of</strong> net proceeds $90,000<br />
Benefits: May be able to generate some small grazing lease income.<br />
DMS# 969036
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