Comment 73348

By arienc (registered) | Posted January 26, 2012 at 17:56:59

Lets do the math

Based on this listing, serviced industrial land on the East Mountain looks to be going for upwards of $250K an acre.

The site space looks to utilize about 1/4 for the building, and 3/4 for parking and the associated landscaping needed to hide it.

At 9.85 acres, this means that before paying for construction costs, the city is already paying $1.8 million for the land utilized by employee parking. With 480 spots, that works out to about $3,800 per space.
Add in another $2K per space for paving and drainage and we're looking at a subsidy of about $6,000 for each Board of Ed employee who drives to work (if all the spots are used). Financed over 10 years at 2%, that works out to a benefit of $650/year per employee.

Fiscally conservative?

Comment edited by arienc on 2012-01-26 17:58:21

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