8. Net sale of the property

Value Adjustment Board (VAB) · 2026-05-14 · agenda_item

A property owner is seeking to sell a 7-acre parcel located at 12199 Ft King Rd. This property was previously approved for rezoning to townhomes in February 2024. However, the owner is currently unable to build or sell the property due to a lack of available water and sewer capacity. The city is in the process of designing and constructing a new wastewater treatment facility, which is expected to provide additional capacity. This project is currently under review by the Value Adjustment Board. Once the new wastewater treatment facility is under contract for construction, utility services may become available, potentially allowing for development. This situation could create opportunities for contractors involved in site preparation, grading, utility installation, and vertical construction, as well as suppliers of building materials. Early engagement with the property owner and city officials may provide insight into future project timelines and requirements.

acreage

7 acres

dwelling units

42 units

proposed property taxes

125,160

residential single-family units

381 units

ERUs

381 ERUs

ERUs

318 ERUs

funding

2,520,468.00 $