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Friday, October 24, 2014

Money Left on Table in Absence of Measures U & V

How Much Could We Have Netted?
How Much Can We Net in the Future?

As Emeryville voters make their decisions regarding the November 4th election, it's always nice to know the actual ramifications of a proposed piece of legislation...the actual numbers.  Or dollars as the case may be.  Regarding Measures U&V, the charter city and real estate transfer fee proposals, the California Association of Realtors funded 'NO' side has used a lot of fibbing and misleading obfuscation if not outright lies in an avalanche of mailers to convince voters to reject the measures.  What they haven't revealed in their $85,000 campaign against Emeryville are the numbers.  How would we benefit by Measures U&V?
In presentations made at City Council meetings over the last year, as the Council considered the issue of whether it should pursue becoming a Charter City and enact a real estate transfer tax, various reports showed the impact that Emeryville sitting on the sidelines has had. These reports showed that the City has passed up nearly $10 million dollars just from several recent large commercial real estate transactions.  
Emeryville netted a little over a quarter million dollars in these sales but we could have netted almost $10 million if Measures  U&V had been in effect.  
That's a lot of money that could be used to build new parks, bike/ped facilities, and repair of existing infrastructure.  The numbers below don't include small commercial sales or residential sales.
Something to consider as you head to the polls.

Recent Sales (largest commercial properties, last few years):

Sale Price
Emeryville as a General Law City ($0.55/$1,000)
If Emeryville were a Charter City ($12/$1,000)
1900-2200 Powell

East Bay Bridge

Bay Street*

6529 Hollis (Clif Bar)

1800 Powell

Woodfin Suites



* Bay Street has sold twice in the last couple of years.  These numbers combine the last two sales.  The last sale at nearly $290 million, occurred just a few weeks ago.

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