ASSUMPTIONS:
2. This legislation authorizes the
transfer of 40 acres of land and the Airport Road Division of Motor Vehicles
facility over to the Colonial School District.
The legislation also directs the Colonial School District to subdivide
and convey a portion of the parcel to be transferred to Faithful Friends, a
Delaware incorporated non-profit animal shelter.
3. The General Assembly appropriated $417,690
for land purchase and construction costs.
The facility was constructed in 1965.
4. There has not been an appraisal
completed for this piece of land since the original purchase in 1963.
5.
According
to the New Castle County property tax information online database, this parcel
has an assessed value of $1,525,600.
6. Based on the Sales Assessment Study
prepared by the Center for Applied Demography & Survey Research at the
University of Delaware, the Colonial school district in New Castle County has
an assessment-to-sales ratio of 0.330.
The assessment-to-sales ratio is the ratio of assessed value of a
property to its selling price.
7.
Using
the assessment-to-sales ratio provided in the above mentioned report, the
estimated market value of the 40 acres to be transferred is $4,623,030. ($1,525,600/ 0.330 = $4,623,030).
8.
According
to Title 29, Chapter 94 §9405, surplus state property can be transferred to a
political subdivision of the state for an amount not less than 30% of the fair
market value nor more than 75% of the fair market value. Using the parameters established in the Code,
the land could be sold for between $1,386,909 and $3,467,273. This legislation would disregard the
parameters for sale established in the code and allow the land to be
transferred to Colonial School District for $1.
Cost:
$1,386,909 to $3,467,273
Office of
Controller General (Amounts are shown in whole
dollars)
June 17,
2014
CAS:CAS
4431470041