Vince Whibbs Sr. Community Maritime Park - Email to CMPA Board dated 8/7/2008
By Fred Gunther, CCIM
(Gunther Properties, LLC)
CMPA Board Member, I had time examine more closely a proposal submitted by one of the Master Developer Candidates and I wanted to share my concerns. The proposal I am referring to states "The Master Developer shall sub-lease from the CMPA those parcels utilized for Private Improvements at a lease rate equal to 6% per year of the appraised value of the unimproved property as of June 30, 2008...payable beginning at building Certificate of Occupancy." I believe it is important to arrive at an educated guess of the income that would be lost as a result of agreeing to this proposal before an offer from a Master Developer is accepted. I would highly recommend that the Board obtain the opinion of a Real Estate Appraiser, but since you may be voting tomorrow and I am not aware of any apprai...
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