Several Puslinch officials say a cash-in-lieu of parkland offer for the Reid’s Heritage Lake development is insufficient – and have suggested the township get its own appraisal.
“I think there are a lot of mistakes in this appraisal,” councillor Matthew Bulmer said of a 25-page document completed by Edward C. Kennedy and Associates on behalf of proponent Reid’s Heritage Homes.
Reid’s has proposed a 75-unit plan of condominium on 229 acres – formerly a gravel pit – on the south side of County Road 34, near the corner of Highway 6 and Highway 401.
“There’s a lot of value that hasn’t been considered,” said Bulmer of the appraisal.
“It’s not what it should be,” he added.
Reid’s planner, Bill MacKinnon, of MacKinnon and Associates in Waterloo, provided the following highlights of the appraisal for council:
– about a quarter of the property (63.8 acres) is “developable” and thus subject to cash-in-lieu payments;
– the total value of those lands is just under $4.8-million or the equivalent of $63,800 per lot; and
– a 5% cash-in-lieu payment would equal $3,190 per lot, or $239,250.
Bulmer also noted the appraisal’s comparisons to other land values did not make a lot of sense. He said the number of uses and the amount of waterfront homes on the Reid’s property make it more valuable than those to which it was compared.
Councillor Dick Visser agreed the appraisal could be higher, and Mayor Brad Whitcombe suggested council forward its concerns to county planner Aldo?Salis and township engineering consultant Hans Groh, of Gamsby and Mannerow, for comment.
Clerk Brenda Law suggested the township could get its own appraisal of the land. Councillor Susan Fielding seemed to agree with that idea, noting Salis and Groh are not appraisers.
Councillor Don McKay acknowledged that fact, but said the pair could provide some opinions on the appraisal.
“It’s irrelevant because they’re not appraisers,” Visser said of the input of Groh and Salis. He suggested the township get its own appraisal.
Whitcombe said the municipality would notify MacKinnon of council’s concerns and ask for another appraisal.
