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AOL/Compuserve Bldg UA’s Most Important Commercial Asset 15.8 acres – largest office parcel 252,000 sq ft – largest office building –#2 = Ortho Center.

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Presentation on theme: "AOL/Compuserve Bldg UA’s Most Important Commercial Asset 15.8 acres – largest office parcel 252,000 sq ft – largest office building –#2 = Ortho Center."— Presentation transcript:

1 AOL/Compuserve Bldg UA’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

2 Timeline of Building Actions Announced AOL Closure03/12/09 Press Release without direct communication with the City Listing of Property05/21/09 UACIC meets with Broker; Intent to market silently and will work on marketing materials with City Building Vacated by AOL07/01/09 AOL 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 Announced11/01/09 City informs TOL and media that rezoning required directly

3 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 3/4/10 3/1/10 4/19/10 4/5/10 Masco Industries – Cabinet Div. Tech Company Commercial Developer Corporate HQ TOL Appeals Definition as "Church" 3/3 to 8/16/10 TOL Announces Purchase of Property08/12/10 TOL purchases with complete awareness they have no right to operate a school

4 COMPARISON OF USES Tree of Life/ Expedient Office ReuseAOL/Compuserve Employees Total (98-04 avg) SubtotalT = 86; E = 12 Payroll Estimate Total$3,220,000$23,880,000 $43,000,000 (98-04 avg) SubtotalT = $2.5m, E = $.72m Average Salary Total$20,125$40,000$96,847 SubtotalT = $29K; E = $60K Employees per 1000 sq Total SubtotalT =.37; E =.6 Comparison – Potential Users

5 COMPARISON - PROPERTY TAXES Tree of Life/Expedient Office Reuse AOL/Time Warner $23,000,000 value due 1/1/0900$646,215 $23,000,000 value due 1/1/10$646,215 * Pending Board of Revisions $6,500,000 value (sale price) due 1/1/11$182,626 Fully Tax Exempt $0$182,626N/A Partially Tax Exempt $14,380N/A Comparison – Property Tax

6 COMPARISON - INCOME TAXES Tree of Life/Expedi ent Office ReuseAOL/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 Tax Approx 5% of 10 Avg - Withholdings Comparison – Income Tax

7 Comparison – Endorsed Agreements

8 Actions of Concerned 3/8/10 – 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

9 ECONOMIC DEVELOPMENT fiscally responsible responsive to citizens forward-thinking ECONOMIC DEVELOPMENT fiscally responsible responsive to citizens forward-thinking LEARN MORE

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