Valuation Estimates for Burts Bog lots RFP Assessors 2-15-2019TO:Joan Sarafin, Northampton Assessors
FROM:Wayne Feiden, FAICP, Director of Planning & Sustainability
RE:Burts Pit Road limited development- estimated lot values
DATE:February 15, 2019
A couple of years ago, you helped supply us with estimates of the value of eight lots that we obtained as part of a conservation limited development project on Burts Pit Road.
Based on that, we recently advertised a request for proposals for the last four lots we have to sell. In the RFP, we provided a discount for developers who supply affordable housing
because that achieves the goals of the City and the City Council for the project.
The successful bidder accepted two liabilities in their bid:
They committed to build six dwelling units priced to be affordable to people earning 80% of area median income or below. Because it is not possible to build market rate homes at this
price, this is a significant liability for the developer.
They agreed to revise the stormwater design and permitting not only for these four lots but for the other four lots the city owns, taking on a major design liability
Can you provide your estimate of the value of these lots:
Lot #
Utilities (for all lots)
Summary
Value
Lot 3
City water
City sanitary sewer
Must be on-site stormwater
Access by common driveway
Liability to redesign stormwater for all lots
Entry level lot, busy road
$60,000
Lot 4
Liability to create two affordable units
$15,000
Lot 6
Liability to create two affordable units
$15,000
Lot 8
Liability to create two affordable units
$15,000
Total
$105,000February 15, 2016
Joan Sarafin, AssessorDate