When A Deal Is A Deal - Part 2

I am not sure I heard right when the Fort Wayne City Council approved the zoning change for a piece of property at Paulding and Adams Center Road last night. I thought, I heard them say it was a 248 acre parcel. Is this the same piece of property Ken Neumeister owns?

The agenda for the City Council members had this regarding the zoning change for the acreage as follows

Z-07-07-04
AN ORDINANCE amending the City of Fort Wayne Zoning Map
No. T-19 & U-19 (Sec. 21 of Adams Township) – Councilmanic District #6
Northwest corner of Adams Center Road and East Paulding Road – Rezoning is to allow unspecified
industrial and commercial uses consistent with the land use to the north and east

One has to ask just how far north and east does this go? I for one would like for someone from the city to show us other zonings that had this same classification. I just wonder what classification the property falls into?

I am also confused about the acreage. If Sheriff Fries is purchasing 200 acres and Neumeister is keeping five acres then what happens to the other 43 acres?

Now I am not the sharpest tack in the box but I took the $800,000 that the property was appraised for, and say for laughs it was the 248 acres then that works out to about $3,200 an acre. If the Sheriff purchased 200 acres at $3,200 an acre the value would be $640,000. Which is close to the $675,000 that has been reported. More then likely all closing costs and associated fees Neumeister faced in the entire property transaction has been rolled into the difference between the appraised value and the selling price.

Following along if the parcel was 248 acres and Neumeister paid $615,000 for all it then his cost was about $2,500 an acre. He appears to retain to the ownership to the five acres at the corner of Paulding & Adams Center road and the remaining 43 acres. Commercial retail space at a corner intersection is not cheap and for the sake of argument let us say it is only worth $6,400 an acre. Since the 43 acres currently has an appraisal value of $3,200 per acre its value is $137,000. Hence, Neumeister may be setting on a gross profit of $167,000 if he was to sell it today and none of his money is tied up.

A question comes up with regards when Allen County agreed to relocate an open ditch that apparently crosses part of the five acres Neumeister is retaining. What does the agreement call for in the way of what the Allen County will spend on doing this?

I just wish Neumeister would lay out all the details from day one. I would like to see him provide the public with a flow chart and timeline of this event. Then we all could move onto other pressing issues.