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Letter: Math on Townsite lands in Powell River

Thought experiment A: Assume 80-acre golf course land is zoned residential and 400 people, perhaps students, needed a place to live and a 10-acre parcel of land is available [“Resident enquires about sale of city-owned Townsite lands,” April 12].
Powell River Peak letter

Thought experiment A: Assume 80-acre golf course land is zoned residential and 400 people, perhaps students, needed a place to live and a 10-acre parcel of land is available [“Resident enquires about sale of city-owned Townsite lands,” April 12]. Assume the most efficient way to house 400 people would be in five buildings, each four stories tall, each with 10 units per floor at 1,500 square feet each. 10 units times 1,500 square feet equals 15,000 square feet per building. An acre is 43,560 square feet.

Assume each building has parking, green space, hallways and elevators that add up to 28,560 square feet. Thus, each building would take up one acre.

Five buildings equals five acres. The other five acres could be split between a road, parking, green space.

Based on a rough average of three Joyce Avenue condos listed in a real estate guide last month, let’s say the hypothetical two-bedroom, two-bath, 1,500 square foot condo would be valued at $300,000. 200 units times $300,000 equals $60,000,000. Remember there are 80 acres available. Eight parcels divided into 10-acre sections times $60 million each equals $480,000,000.

Thought experiment B: A lot on Hemlock Street in the real estate guide is listed at $219,000 for 7,848 square feet. 7,848 divided by 43,560 equals 5.5 lots in one acre.

Assume three of 10 acres are used for a road and parking. Seven acres with five lots per each acre equals 35 lots times $200,000, which equals $7,000,000. Eight parcels divided into 10-acre sections times $7 million each equal $56,000,000.

In a recent Peak it was stated that a $300,000 residential property would face an approximate property tax bill of $2,000. Roughly, 200 condos times $2,000 in taxes equals $400,000 per 10 acres; eight sections equals 1,600 condos times $2,000 each, which equals $3,200,000 in taxes per year.

35 houses valued at $500,000 each equals $3,500 in tax each, which equals $122,500 per 10 acres; eight sections equals 280 houses times $3,500 each, which equals $980,000 in taxes per year.

Richard Armstrong
Manitoba Avenue