Are we paying fair market value for the property?
Yes, we are paying fair market value for the property. Three appraisals have been done on the property, each by a state-certified appraiser. Two of the appraisals were commissioned by the Township and one was commissioned by the seller. The two Township appraisals valued the property at $6,100,000 and $6,000,000, while the seller's appraisal valued the property at $5,825,000. All three appraisals were consistent with the assessed value of the property for tax purposes, which is $6,100,000, a number that was affirmed by the Tax Court in 2007 after the owner filed a tax appeal. The price the Township would pay is $6.1 million.

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1. Why purchase Pennytown?
2. Are we paying fair market value for the property?
3. Why is the property available now?
4. What is the development potential of the property?
5. What is unique about having sewers at the property?
6. Why do we have a pressing need to build affordable housing?
7. Who qualifies for affordable housing?
8. What is our affordable housing requirement?
9. What is the deadline for meeting our Round Three requirements?
10. What happens if we fail to meet our affordable housing requirement?
11. Is a developer's remedy lawsuit realistic in this economy?
12. How would development at the Pennytown site affect firefighting in the area?
13. How would development at Pennytown affect wells in the area?
14. How would development at Pennytown affect traffic in the area?
15. How is the township protected against environmental damage at the site?
16. Who would demolish the existing buildings, and when?
17. What is the timeline for development of the site?
18. Pennytown is isolated and located on a state highway. Is this a reasonable location for affordable housing?
19. What would the houses look like?
20. Will the houses be sale or rental units?
21. How will the township pay for the property?