August 02, 2005
Tuesday

The Borough has received an offer from Ted Falconer for the entire west side of the Ward Cove property. The approximate assessed value of this sizeable parcel is 20 million. The offer is 9 million. Don't forget that the veneer mill equipment is included in the 9 million offer, NOT in the 20 million plus assessment! This simply is not enough for such a substantial acquisition. This potential buyer has been stringing the Borough along with empty promises to purchase the veneer mill parcel for some time now. He is fully aware that the property will be going up for auction soon and the entire west side has a minimum bid of the assessed value at that time. Can you say trying to cut a fat hog? There is the possibility that the auction will not be fruitful and at that juncture we can talk about accepting a lower amount. It is also entirely possible that there will be bidders at the auction for the amounts that the Borough is seeking so until that time I beg the Borough Assembly not to accept this unreasonable offer. Perhaps an appropriate counter offer for a smaller portion of property at the 9 million price would be in order. I should also point out that if you are willing to sell property far below its assessed value before bringing it up for auction for one person then you should have accepted Mr. Hoston's proposal to start bidding on the east side at 50% of its assessed value. I simply ask that the Borough Assembly does not give it all away for a song.

Sincerely,

Amy T. Thompson
Ward Cove, AK - USA

 

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