The following information was emailed to me from
Jason Starr
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The Vigo County Fairgrounds Offer is Way Below Market Value
Read Below to find out why.
These parcel pictures are from
www.VigoCounty.org
anyone in the world can look at this data
so please take the time verify it for yourselves
so that you know you are looking at the facts
This is a picture of the plat parcel for the fairgrounds
it represents 136.32 Acres
This is a picture of the plat parcel of the Walgreens Parcel
it represents 1.9 Acres
This is a picture of the plat parcel of the Golden Corral parcel
it represents 1.9 Acres
This is a link to the January 22, 2008 12:23pm article in the Tribune Star indicating there is a bid to purchase the Fairgrounds for $9.2 Million Dollars
====SOUNDS LIKE A LOT OF MONEY====
http://www.tribstar.com/breakingnews...022122357.html
Lets analyze the deal:
Current Offer (plus some land not worth nearly as much and in a bad location so lets look at the cash only)
$9.2 Million for 136.32 Acres
$9,200,000.00/136.32=
$67,488.26 per Acre (check my calculations just in case)
Still sounds like a lot of money!
The Golden Corral parcel (depicted above) directly next to the fairgrounds (no US 41 frontage)
December 23, 2003 data from
www.VigoCounty.org please look it up and verify the data
Sold for $850,000.00/1.9Acres =
$447,368.42 per Acre (that is a whole lot more than $67, 488.26 per Acre)
but wait that was in December of 2003
Just One (1) Month Later
January 15, 2004 again this data is from
www.VigoCounty.org please continue to verify my calculations and data
this same exact property
Sold for $4,935,000.00/1.9Acres = $2,597,268.42 per Acre (WOAH!! I wish I had made that kind of profit in one month)
Now lets compare at the 2003 Rate per Acre $67,488.26/$850,000= 15 cents on the dollar
So they want to give our Fairboard 15 cents instead for every $1 dollar of value using 2003 amounts
Now look at 2004 (one month later)
$67,488.26/$2,597,268.42= 2.6 cents on the dollar that is 2 and 1/2 pennies for each dollar of value
$9.2 Million Doesn't Sound Like such a lot of Money any more to me - how about you?
136.32 Acres at $447.368.42/Acre = $60,985,263.16 Dollars (that is $61 Million )
$61 Million is a huge amount more than $9.2 Million
But remember this is in Dec 2003 dollar values (we are currently in 2008)
136.32 Acres at $2,597,268.42/Acre = $354,073,263.16 (where's my defibrilator? set it on high!)
Now I am not one to be greedy and do not expect that the Fairgrounds would bring that much money.
But you have to ask yourself, if you are going to even consider selling it at all,
wouldn't you be smarter to put it on the open market and determine what offers come in over the next few years.
If it is really worth anything close to what I have calculated (and I believe it is worth many times more than the 9.2 offer)
let the world of commercial real estate bid on it. Let the world know it is available by publishing it across the nation in commercial real estate magazines.
Now you can do this same calculation on the Walgreens Parcel - with the same US 41 frontage
May, 2003 data from
www.VigoCounty.org please look it up and verify the data
Sold for $1,550,000.00/1.9Acres = $815,789.47 per Acre (again that is a whole lot more than $67, 488.26 per Acre)
but wait that was in May of 2003
Just Eight (8) Months Later
January, 2004 again this data is from
www.VigoCounty.org please continue to verify my calculations and data
this same exact property
Sold for $4,935,000.00/1.9Acres = $2,597,268.42 per Acre (WOAH!! Same Amount, I wish I had made that kind of profit in one month)
Now lets compare at the 2003 Rate per Acre $67,488.26 /$1,550,000= 8.3 cents on the dollar
So they want to give our Fairboard 8 cents instead for every $1 dollar of value using 2003 amounts
Now look at 2004 (one month later)
$67,488.26/$2,597,268.42= 2.6 cents on the dollar that is 2 and 1/2 pennies for each dollar of value
$9.2 Million Doesn't Sound Like such a lot of Money any more to me - how about you?
136.32 Acres at $815.789.47/Acre = $111,208,421.05 Dollars (that is $111 Million (don't forget the nickel)
$111 Million is a huge amount more than $9.2 Million
But remember this is in May 2003 dollar values (we are currently in 2008)
136.32 Acres at $2,597,268.42/Acre = $354,073,263.16 (where's my defibrilator? set it on high!)
Again I am not one to be greedy and do not expect that the Fairgrounds would bring that much money.
But again ask yourself, if you are going to even consider selling it at all,
wouldn't you be smarter to put it on the open market and determine what offers come in over the next few years.
If it is really worth anything close to what I have calculated (and I believe it is worth many times more than the 9.2 offer)
let the world of commercial real estate bid on it. Let the world know it is available by publishing it across the nation in commercial real estate magazines.
Here is the bottom line:
Would you sell your vehicle that is worth $15,000 to someone for $1240.91?
If you answer YES - call me right away before you change your mind!