Value of Rocky Hill Greenway-Pine Grove CR-WF2.18.20TO: Marc Dautreuil, Deputy Assessor
FROM:Wayne Feiden, FAICP, Director of Planning & Sustainability
RE:Opinion of Value- Conservation Restriction Rocky Hill Greenway-Pine Grove
DATE:February 18, 2020
We are purchasing 105 acres at the former Pine Grove Golf Course to add to the Rocky Hill Greenway, for $650,000 (The owner is retaining five lots, including the cell tower site. This
purchase price is supported by an appraisal we already completed (which came in above that) so I do not need an opinion of value for that.
The moment we close on the property, the land will be protected forever, so it will no longer have any development value. We will then give a conservation restriction to the Massachusetts
Audubon Society to guarantee the land is never developed.
My best estimate of value is:
105 acres in fee with no restrictions (willing buyer/willing seller, less than appraisal) $650,000
Value after the City takes title (Article 97) –(undevelopable land $2,000 an acre)$210,000
Value of protected land with Article 97 and conservation restriction (CR) $210,000
Value of conservation restriction (difference between Article 97 and CR)negligible
I concur with the estimate of the conservation restriction.
________________________________________________________________________
Marc Dautreuil, Deputy Assessor