LTYA asks for $3 million in apartment dispute
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The LTYA owns a substantial plot of land on Highway 71 - called the Field of Dreams - which developers are very interested in buying and building on. The challenge is the City of Bee Cave does not want to approve another multi family apartment development, preferring a single family (for sale) project - which is much less proftable on the land involved.
That puts the LTYA in an awkward position, so they have asked the City to compensate them for the lower amount of money they would receive if they sold to a single family developer - to effectively make up the difference needed to buy new land for replacement playing space.
The difference the LTYA is asking the City to make up is between $2.5 to $3 million based on the offers they have received from the two types of developers. The apartment developer has offered $6.5MM ( the budget for the new FOD west on 71 in Lakeway) and the single family developer is at $3.5MM but may go as high as $4MM. They also propose the alternatives that the City should buy the land outright or allow the multi family development.
The LTYA points out lots of facts about the demand for their facility in the letter based on area population growth expected. The City has declined to comment.
LTYA are having a quarterly meeting at All-Star Burger on Tuesday , September 17th from 5 to 8 to discuss LTYA’s future and selling the Field of Dreams. They are inviting the public as well as everyone in the Association.
 Letter to Bee Cave on field space - Final final.doc | [LTYA August 5 letter in full - registration required] | 1270 Kb |
