Reply to Eric Goulet, Whittle School and Ward 3 overcrowding

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Reply to "Eric Goulet, Whittle School and Ward 3 overcrowding"

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[quote=Anonymous]The District has the power of eminent domain.  The Intelsat buildings are owned by a NY based developer.  The land that the buildings sit on is owned by the federal government and is master leased by that same developer.  The developer tried to reposition the property as high end office about 8 years ago but was unsuccessful, which is why they pivoted and leased 85 to 90% of the buildings to Whittle.  Whittle defaulted on its lease and the NY developer is in the process of evicting them (that may be done).  In order to take property by eminent domain, the District would need to use it for a public purpose (e.g., educational use).  The current tax assessment on the property is $90M for the buildings and the developer's ground lease interest in the land.  The real value is probably much less since the only modernized portions of the building have been converted to school/dormitory use and the remaining buildings are circa 1982 office which no one would rent.     It would be a huge court fight though, because the District would have to prove that while it was willing to accept the value at $90M for taxes, it isn't willing to pay the same value in condemnation.  [/quote]

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