By David Fortier
A builder, who along with his partner signed a letter of intent with the city to go forward with the city’s purchase of their property abutting the Birge Pond Nature Preserve off Perkins Street, said he and his partner can hold out for 90 days before having to decide whether to proceed with the agreement or pull out.
However, even with that timeline, they are still facing a $20,000 shortfall because the city’s appraisal did not account for the property’s carrying costs. The builders, Tim Bobroske and his partner, plan to bridge this gap.
“To explain the short fall, that basically represents 90 days of breaking even,” said Tim Bobroske of P & B Properties. “Where I am coming from is, we don’t get state funds in 90 days, we are not going to be able to close.”
Bobroske said that going into the sale of the property to the, city the goal for P & B Properties was to become whole, in other words, not to lose money on their investment.
“So if it comes to 91 days, then it becomes a business decision,” Bobroske said, “that we have to say, you know what, we gave it a good shot.”
Bobroske said, from day one, he and his partner have been clear about not losing money on the sale.
The builders were looking for $600,000 for the property, just over 10 acres of Perkins Street. P & B Properties purchased the land abutting the Hoppers-Birge Pond Preserve and Bristol Dog Park for $400,000 from a local family.
Over the past few years, the builders incurred additional cost for surveys and studies along with plans for their project, a 16-unit open space carbon-neutral development that would be a first for Bristol.
The builders began the permitting process earlier this year when the submitted plans to inlands/wetlands. After receiving feedback from the city with recommendations for improvement, the builders pulled the plans to address recommendations.
One of the recommendations was to procure soil samples from different sections of the property. A request by the builders to the Board of Park Commissioners asked for permission to cut a path through city property for the samples. The request became mute when the city decided to pursue funding to purchase the property.
P & B Properties is seeking $20,000 above the $560,000 appraisal which the city has applied for to cover the purchase.
“The city’s financing is $560,000,” Bobroske said. “Now the $560,000 represents none of our carrying costs for 90 days, which means we have to take it out of our pocket.”
Bobroske said the builders are on hold for 90 days.
“After 90 days if nothing happens, if either the $20,000 isn’t raised, so we can carry it another 90 days, or if the state funding isn’t there,” he said, “then naturally we are all set to resubmit all our information to the town and go through the hearing process.”
The grant application was submitted by the city on Nov. 25, after an appraisal of the property for $560,000. Of this, the city will be on the hook for a quarter or $140,000. Compensation from the city and state is tied to the appraisal.
According to state statutes, it is possible for a city to payout 110 percent of the appraised value of a property as an incentive to get property owners to sell.
The 10-plus acres is considered part of a core forest with rare geological formations dating from the Ice Age–one formation is a kettle and the other is an esker. There are several kettles on the property which would be removed or altered as part of the proposed project, which would include a sand and gravel removal operation.
There is also some anecdotal historical significance associated with the property, which contains an old highway that George Washington and his revolutionary army purportedly passed through.
David Fortier can be reached at dfortier@bristoledition.org
Before you go!
Help us bring back local news with a donation today. Local is where we connect. Believe that local news is important? Support our work.
Be the first to comment on "Builders seek $20,000 to bridge gap in city’s purchase of property abutting Hoppers Birge Pond Nature Preserve"