Thursday, March 10, 2005

City, Swift discuss future of Salt Ponds property

I might be overlooking something here. My initial reading of the piece, by Tim O'Hara, says that Ed Swift won't sell the piece of land that he owns in the Salt Ponds to the City for any amount. He will, however, consider trading it for 15 ROGO permits that have a value of up to $250,000 each. So let's be generous and say that the average value of a unit is only two-thirds of that, $175,000. That works out to just over $2.6 million dollars for three acres, of which only 1,400 square feet can be built on.

I dunno, sounds like blackmail and/or extortion to me.

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