03/10/2026
I posted yesterday about the city's proposed $6.2 million acquisition of 17 parcels at Royster Corners and wrote about the appraisal, assessed value, and purchase price. Today's post covers what the Finance Committee didn't ask before voting unanimously to recommend approval: 11 of the 17 parcels are not developable, the $6.2 million is just the down payment on a project with no cost estimate or written plan, and the city isn't applying the same financial standards to itself that it requires of private developers seeking TIF assistance. The Council votes tonight.
Key Points • Eleven parcels included in the acquisition have no economic value and are liabilities, not assets. • The city is paying top dollar to take over a project the developer is abandoning after 15 years, in a disposition sale in which all remaining parcels are being sold in a single trans...