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City of CS Achieves Major Capital Gain for Taxpayers

7,969 Views | 77 Replies | Last: 13 days ago by harrierdoc
Bob Yancy
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Last night at the CS Council meeting we approved a land sale that will reflect a 2,300% capital gain for the taxpayers. This straight land sale constitutes an approximate $3,500,000 gain, puts the property on the tax roll, creates ~50 quality jobs, and will generate sales taxes. It will be home to a major HVAC manufacturer distribution center, and be the closest distribution facility to the center of the Texas Triangle for the company. Currently the closest are in Houston, San Antone and Waco.

I'm proud to have supported it and I hope this meets with the approval of our bosses, College Station citizens.

I thank city staff and the private sector companies involved in this and appreciate their willingness to risk capital in our city.

Happy Veterans Day weekend!

Respectfully,

Bob Yancy '95
ukbb2003
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Mr. Yancy, thank you for this information. What can these funds be used for? What are the restrictions on the use of these funds?
Bob Yancy
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It will go into your General Fund, where the funds can be transferred for use towards other projects. It could be used for roadways or any other infrastructure, et al.

Respectfully

-yancy
George Costanza
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Is this really the role of government?
Bob Yancy
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Virtually all cities hold land for economic development purposes. 50 years ago they all didn't. Today they do. I believe it's good thing for the private sector to invest in our city. I hope you agree.
dubi
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AG
Can we sell Macy's too?
Bob Yancy
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Respectfully that's a different issue. That may well happen. For now, I thought it important to let you know some good news. Have a great weekend!

doubledog
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dubi said:

Can we sell Macy's too?
Well we did get a heck of a deal for Chimney hill
Chrundle the Great
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AG
Where is this lot? Just curious
textar4404
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Where exactly are meeting minutes posted online for the public to read? I couldn't find anything on the city council website.
Orlando Ayala Cant Read
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AG
Chrundle the Great said:

Where is this lot? Just curious


Wondering of its the tract the city has been trying to sell adjacent to Pebble Creek on the backside by the Fitch exit ramp
Roxie146
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You can go to https://cstx.gov or just google College Station Channel 19. For Nov 9 there is a council meeting video AND an agenda and agenda packet. Warning the packet is 500+ pages.

Don't know where this "sale" or council approval of sale occurred - could have been in executive session - you'll just have to muddle through the documents. Amazing what is there.

There is a lot of "sausage making" in these meetings - true for all cities. But if you want details go look at the agenda and packet. The minutes will have to be available by the next meeting but they are an "interpretation" - if you want actual words go look at the actual meeting.

On the agenda is a reference to the suit brought by CBL for non payment of mall fees at the same time the city is condemning (by request) of POM (Post Oak Mall) so that an easement can be purchased by the city to move utilities in the range of $400K.







AggieCVQ
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Bob Yancy
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Respectfully, with yesterday's vote, Chimney Hill was erased two times over.
Bob Yancy
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College Station Business Park.
Bob Yancy
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If you fast forward to the time stamp of 2 hours 19 minutes and 00 seconds you can start watching at the exact point of the land sale approval resulting in a $3.5 million dollar gain for the taxpayer. That is the subject of my post, item 9.5 on the agenda.
Bob Yancy
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Search google CSTX Channel 19. Click the video camera icon. Fast forward to 2:19:00
maroon barchetta
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A $3.5 million gain erases Chimney Hill loss two times over?
doubledog
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Bob Yancy said:

Respectfully, with yesterday's vote, Chimney Hill was erased two times over.

Bob all other things aside... This is great news...

It is just all of the former CoCS activities such as Chimney Hill, Macys, arts counsel fiasco, and three public Taj Mahals, stick in the voters craw.
Robert L. Peters
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George Costanza said:

Is this really the role of government?


Absolutely not
What you say, Paper Champion? I'm gonna beat you like a dog, a dog, you hear me!
woodiewood1
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George Costanza said:

Is this really the role of government?
No. that's why it should be sold.

If the private sector wanted to move to the area could they not purchase property from a private seller?

Cities and counties should only purchase and own vacant land for future public use.
Bob Yancy
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Yes much of that is true. There have been some mistakes and the city of CS has not proactively concerned itself with the optics of its decisions in years past. They just kind of plodded along, come what may.

My goal is to one day be able to say, "that was then and this is now." I believe this touchdown pass, and that's exactly what it is, is a start.

A final note. Just because city hall doesn't tout its wins doesn't mean they haven't happened. City Hall must be doing something right, sometime. Otherwise you wouldn't have less debt than most, more reserves than most, a cleaner, safer city than most, at a lower tax rate than most.

Why do we all love it here so much? I offer that for your consideration.

Respectfully,

-yancy
Brian Alg
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I can do my own digging if I need to. But does anyone happen to have the details on that acquisition? I am curious how and when the City was able to get that land for what looks like less than $13k per acre.
Brian Alg

Brazos Coalition for Responsible Government
Flatlander
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As a constituent, I am not looking for city leaders to make better decisions about these sorts of land deals in the future. I am looking for city leaders to not make these sorts of land deals at all. Not the role of government.
Bob Yancy
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That's going way, way back- but Chimney Hill was bought for $9.3 and sold for $7.5 at a loss of $1.79 as I vaguely recall. So yes, Chimney Hill will be all but erased twice.

That was then. This is now. :-)
Bob Yancy
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Okay we can debate that on the merits. But what about the land currently in inventory?
Bob Yancy
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How are you guys getting the post or response you are replying to reposted in your response to them? Pls advise for a novice.
maroon barchetta
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Bob Yancy said:

How are you guys getting the post or response you are replying to reposted in your response to them? Pls advise for a novice.


Like this!
Bob Yancy
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Yes but how? Steps?
CEAg78
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AG
Bob Yancy said:

How are you guys getting the post or response you are replying to reposted in your response to them? Pls advise for a novice.


Use the " button.
Somebody has to lose. Might as well be t.u.
maroon barchetta
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Bob Yancy said:

That's going way, way back- but Chimney Hill was bought for $9.3 and sold for $7.5 at a loss of $1.79 as I vaguely recall. So yes, Chimney Hill will be all but erased twice.

That was then. This is now. :-)


How about actual numbers that aren't vaguely recalled?

Now do Macy's. Give us the big winning news on that.

Understand we aren't blaming you as we know you are a more recently elected council member.

That being said, you can't keep giving us the Rafiki treatment of whacking Simba on the head with a stick, Simba saying "Hey, what did you do that for?", and Rafiki saying "It doesn't matter! It's in the past!"

People on these CoCS real estate venture threads aren't dwelling on the past. They are trying to help you see that across the years and across numerous councils and mayors, there is a trend of people making decisions with taxpayer money that shouldn't be made.

Get out of the real estate business. It's not why y'all were elected. And history says you have more losses than wins.

***hint: the Macy's deal is not going to end up in the win column***
Bob Yancy
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Divestiture IS getting out of it, and as we unwind these assets, best to throw a touchdown pass for the taxpayers while doing it.
91_Aggie
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AG
Bob Yancy said:

That's going way, way back- but Chimney Hill was bought for $9.3 and sold for $7.5 at a loss of $1.79 as I vaguely recall. So yes, Chimney Hill will be all but erased twice.

That was then. This is now. :-)
Well that is not counting the interest that $9 million lost while the city sat on Chimney Hill property several years, and not counting the property tax that the privately owned land would have generated while the city owned it.

yeah, this was a good recent deal... but make sure you don't leave out details like the above when talking about the actual losses of that Chimney Hill deal
doubledog
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Bob, thanks for coming on F35 and taking the "slings and arrows" of your fellow council members. It is not your fault that the voter's have elected some questionable members in the past. Your actions and words here show you have good intentions and values.
Thank you.
Bob Yancy
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91_Aggie said:

Bob Yancy said:

That's going way, way back- but Chimney Hill was bought for $9.3 and sold for $7.5 at a loss of $1.79 as I vaguely recall. So yes, Chimney Hill will be all but erased twice.

That was then. This is now. :-)
Well that is not counting the interest that $9 million lost while the city sat on Chimney Hill property several years, and not counting the property tax that the privately owned land would have generated while the city owned it.

yeah, this was a good recent deal... but make sure you don't leave out details like the above when talking about the actual losses of that Chimney Hill deal


Not sure about interest expense. The city usually acquires such properties out of cash reserves. I suppose there's lost interest on the reserve's investment cost. But yes for sure on both property tax and sales tax lost opportunity. But here again, we're talking about a decade old deal wherein history cannot be changed.

I am beginning to realize every time I cite a touchdown pass, though, the common refrain "chimney hill, chimney hill" will be the response time and again. How about when that deal has been eclipsed x5 we let it rest in piece? Or x7? What's the number so I know the goal? ;-)

Respectfully,
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