News : City receives second Development Proposal for IBSSS

Kord Sellers of BWT LLC has submitted a second proposal to the City of Vinton for its consideration. According to Sellers the City has a notice posted at City Hall asking for competing proposals.The City is scheduled to turn over the property officially on October 29th to Hobart Historical Restoration. Sellers, a new Vinton resident, was not aware that the city had asked for competing proposals back in 2018 citing the city's policy for advertising public notices and feels that this is the first chance that he has had to offer a competing proposal. Sellers said the proposal he has submitted is to provide an alternate method for the city to meet its goals. With over 10 years in the construction industry Sellers says that the Hobart proposal is a lucrative development agreement, he's worried what the true cost of the project will be to the city taxpayers.According to Sellers, his summary of the Hobart agreement is as follows:1. Hobart purchases for $1 a property "valued" at $300,0002. Property is immediately assessed at 5 million dollars after it is transferred
3. Hobart receives .50 for every dollar of increased tax value made (up to 4 million dollars paying for 8 million dollars in improvements) from the City. This means that the first day the valuation will increase from $300,000 to $5,000,000 and Hobart will immediately be owed $2.35 million.4. Hobart will be receiving all or a portion of a 2 million dollar grant obtained by the city for existing building renovation and demolition.5. Hobart will be taking over a lease from Americorps that pays over $600,000 annually.6. The improvements and development made by Hobart, will be taxed at a fraction of the value due to the current TIF district.7. The City of Vinton will be paying for the roads and water/sewer to be developed on the land.8. The City of Vinton will continue mowing the entire property for 2 years.
"By my rough calculations, the City of Vinton is handing out over 20 million dollars worth of property, cash, and expenses over 10 years in order to bring 10 million dollars worth of improvements into the town," said Sellers.
To view the two proposals, click below:

IBSSS Development Agreement for Hobart Historic Restorations

BWT IBSSS Proposal