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Why is BCHD donating control of $4.2M of Taxpayer land to allcove?

BCHD is planning to donate control of the taxpayer owned Flagler and Beryl to allcove for no compensation. The parcel is 1/2-acre, valued by BCHD methods at $4.2M with an annual rent value of $250,000 annually.

This is unfair to the taxpayer owners and residents who reside in the District that founded, funded, and own the assets.

BCHD Established a Rental Value of the $4.2M, 1/2-acre allcove Site of $250,000 annually

BCHD and its Investment Bankers, Cain Bros., have developed a fair market value of $25M for 3 acres of raw land on the Prospect Campus. Further, they have established an FMV annual rental rate of $1.5M with an inflation escalator.

SPA8 - allcove Service Area is 91% Non-Residents of the District

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