AOL/Compuserve Bldg UA’s Most Important Commercial Asset 15.8 acres – largest office parcel...
-
Upload
brittney-coatsworth -
Category
Documents
-
view
215 -
download
3
Transcript of AOL/Compuserve Bldg UA’s Most Important Commercial Asset 15.8 acres – largest office parcel...
AOL/Compuserve BldgAOL/Compuserve BldgUA’s Most Important Commercial Asset
•15.8 acres – largest office parcel
•252,000 sq ft – largest office building–#2 = Ortho Center – 95,000 sq ft–#3 = 5025 Arlington Centre – 66,000 sq ft
•Approx 15% of all office land and sq ft
Timeline of Building Actions
Announced AOL Closure 03/12/09Press Release without direct
communication with the City
Listing of Property 05/21/09
UACIC meets with Broker; Intent to market silently and will work on marketing materials with City
Building Vacated by AOL 07/01/09AOL was a Top 25 Income Tax Payer
through 2008
Broker Update
City learns of an interest for a non-profit school; City indicates desire to preserve tax base and a rezoning would be required
UACIC inquiry on status how to assist 10/13/09
City learns property in contract; broker would not identify user
TOL Intent to Purchase Announced 11/01/09
City informs TOL and media that rezoning required directly
Timeline of Building Actions
TOL Submits Development Application 12/21/09
Conditional Use Application submitted; City denies per previous discussions
TOL Appeals Definition as "Residential Use"
12/28 to 4/26/10
Five Suitors express interest in property – TOL option to purchase has priority; TOL contract inhibits interest
3/4/103/1/10
4/19/10
4/5/10
Masco Industries – Cabinet Div.Tech CompanyTech CompanyCommercial DeveloperCorporate HQ
TOL Appeals Definition as "Church"
3/3 to 8/16/10
TOL Announces Purchase of Property 08/12/10
TOL purchases with complete awareness they have no right to operate a school
COMPARISON OF USES
Tree of Life/ Expedient Office Reuse AOL/Compuserve
Employees Total 160 597 444 (98-04 avg)Subtotal T = 86; E = 12
Payroll Estimate Total $3,220,000 $23,880,000
$43,000,000 (98-04 avg)
Subtotal T = $2.5m, E = $.72m
Average Salary Total $20,125 $40,000 $96,847
Subtotal T = $29K; E = $60K
Employees per 1000 sq Total 0.385 2.5 1.74
Subtotal T = .37; E = .6
Comparison – Potential Comparison – Potential UsersUsers
COMPARISON - PROPERTY TAXES
Tree of Life/Expedient Office Reuse
AOL/Time Warner
$23,000,000 valuedue
1/1/09 0 0 $646,215
$23,000,000 valuedue
1/1/10 $646,215 * Pending Board of Revisions
$6,500,000 value (sale price)
due 1/1/11 $182,626 $182,626
Fully Tax Exempt $0 $182,626 N/A
Partially Tax Exempt $14,380 N/A N/A
Comparison – Property TaxComparison – Property Tax
COMPARISON - INCOME TAXES
Tree of Life/Expedi
ent Office Reuse AOL/Time Warner
$64,400 $477,600 $860,000
per sq ft $0.25 $1.88 $3.39 CONCLUSIONS OF COMPARISON
Property Taxes/Yr (if tax exempt) ($168,246)
Any lost property tax revenue recouped from all other commercial
property owners
Income Tax ($413,200)
Approx 3% of 10 Avg - all Income TaxApprox 5% of 10 Avg - Withholdings
Comparison – Income TaxComparison – Income Tax
Comparison – Comparison – Endorsed AgreementsEndorsed Agreements
Actions of ConcernedActions of Concerned3/8/10 – UA School Board Resolution to Maximize
Commercial Tax Base
*/*/10 - UA Chamber Resolution
4/15/10 - UACIC Resolution Supporting Economic Development Maximization of the AOL Building
UA Chamber and three property owners file legal **** supporting BZAP and City Council decisions
Adjacent Condo Associations file letters against the proposal
ECONOMIC DEVELOPMENTECONOMIC DEVELOPMENTfiscally responsiblefiscally responsible
responsive to citizensresponsive to citizensforward-thinkingforward-thinking
LEARN MORE
www.UACIC.org