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Why Pay $928,000 per Acre When Everyone Else Is Only Paying $160,000

Actual private sectors land purchases in the Port Robinson road area are shown below, along with the Town of Pelham’s outrageous purchase of adjacent lands.


 
 
 

WHY PAY $928,00 PER ACRE WHEN YOU THINK IT IS ONLY WORTH $600,000?

Source: Town of Pelham Community Centre Presentation

The Town of Pelham was caught with giving a developer a sweetheart of a deal when it agreed to pay $928,000 per acre for land and issuing a nice fat IOU in exchange.

But wait?!  What is this?! The Town’s staff had estimated they could only get $600,000 per acre for the same area once the land was fully serviced.

They must be pretty happy knowing they can get $928,000 for unserviced land (well, that is what Pelham Town Council is prepared pay, anyways).

Makes you go Hmmmmmm?!