Since the land has been in the hands of the Levi Strauss family for close to 100 years, it stands to reason it has been covered by Prop 13. The $60 million sale would trigger a re-assessment. If my math is correct, the Town stands to receive an extra $50,000 (approx) per year.
But, if the purchaser sub-divides and redevelops the land, the value could go up considerably. There's probably room for 10 x $10 million Atherton mansions on that parcel. That will drive revenue up even further.
Posted by Better use of the money, a resident of the Atherton: other neighborhood, on Sep 26, 2011 at 6:29 pm
I think it makes more sense for Atherton to seize this property under the theory of eminent domain, subdivide it into 20 half acre parcels that can each sell for $5M, let Pacific Peninsula Group and Steve Ackley over-build those homes, and split the $100M evenly between Ackley and the police department.
Posted by Sally, a resident of the Atherton: Lindenwood neighborhood, on Sep 26, 2011 at 11:40 pm
Better Use of the Money:
Are you making fun of the Rose Hau spec project on Selby that Peninsula Pacific Group is overbuilding for her on that corner lot? --or do you actually know for a fact that they are also partnering to try for dibs on the 10 acre Atherton Ave property mentioned above?