Vandergriff had insight….
In 2009 the area before Chesapeake was to drill averaged $17.31 sq ft
In 2010 the 5 acre parcel which the drill site sits on went to $16 sq ft
In 2011 it went to $ 5 sq ft
In 2012 it went to .23 cents
In 2013-2015 is is back to just $5 sq ft
The 1.5 acre frontage parcel next to Collins St has been valued at around the $18 sq ft market value rate for other Collins frontages but has been UNSUCCESSFULLY on the “for sale” market for the last 5 years now.
YEP Victor was right.
END 2015 UPDATE
When you think of the land that borders the Downtown Arlington area to the Entertainment District, that IS prime land contrary to what the mayor said about that land when Chesapeake wanted to frack it.
The mayor’s joke about not worrying about the stadium cracking from fracking came back to haunt him recently. So in addition to frackquake worrying, think about the 55-60 pad sites around town suffering tax devaluations near or on our Arlington drill sites.
As a number cruncher and to be fair in my reporting, one must look at the land’s mineral sub valuations to be able to net the gains or losses from our tax rolls.
As an Urban Drilling town, we hope the mineral valuations last because the surface land value is permanently tainted.
We will never be able to un-drill that well, erase it’s stigma, or build anything over it.
The bigger picture is hoping the substrata isn’t polluted which could eventually affect our drinking water.
Using this link….http://www.tad.org/datasearch/reentry.cfm you can see surface valuations as follows…Just type in each Tarrant County Appraisal District account number of the Chesapeake drill site which is about 2,500 feet from the ATT Cowboys Stadium. They call it the Truman drill site…
Lot A is 1.5 acres acct #03156168 312 N Collins St.
Lot B is 5.2 acres acct #41507045 310 N Collins St.
#03156168 + #41507045 = total value of 6.7 acres
2009 $5 million + n/a = $5 million (Lot 57R1A & B)
2010 $1.2 million + $3.6 million = $4.8 million (loss of $.2 million from 2009)
2011 $1.2 million + $1.1 million = $2.3 million (loss of $2.7 million from 2009)
2012 $1.2 million + $51.7K = $1.3 million ( loss of $3.7 million from 2009)
2013 $1.2 million + $1.1 million = $2.3 million ( loss of $2.7 million from 2009)
2014 $1.2 million + $1.1 million = $2.3 million ( loss of $2.7 million from 2009)
Had those properties retained their $5 million dollar value over the last five years, we would have had ad valorem taxes paid off of $30 million, but instead only aggregated $18 million, a difference of $12 million.
From: City of Arlington – Open Records <ArlingtonTX@mycusthelp.net>
Sent: Tuesday, September 16, 2014 12:56 PM
Subject: Open Records Request :: W017173-091514
RE: Public Records Request for 310 and 312 N. Collins street property – Community Development and Planning (CD&P) records
Dear Feil Kim,
Your public information request to the City of Arlington, received 9/15/2014, has been referred to me for response.
We have searched our records and have been unable to locate any records maintained by the City responsive to your request for Real Estate division/Community Development and Planning department records pertaining to the above addressed properties.
Please feel free to contact me if you have any questions regarding this matter.
Community Development and Planning
So I couldn’t find the Truman TAD record, but I grabbed this one out of the air and feel it could be representative of the Truman site… O U CH !
oh wait….I found the Truman minerals valuation data….the history is erased I bet since ownership changed hands.
On an email sent to our city Real Estate Manager, dated Dec 16 2013 requesting sub-valuations, I never heard back…
From: kim feil <firstname.lastname@example.org>
To: Roger Venables <email@example.com>
Sent: Wednesday, September 10, 2014 1:27 PM
Subject: What is net effect on TAD tax valuations for Chesapeake surface vs mineral?
From: Facebook <firstname.lastname@example.org>
To: Kim Triolo Feil <email@example.com>
Sent: Monday, December 16, 2013 10:15 AM
Subject: Janice Colston commented on a link you shared.
From: Roger Venables <Roger.Venables@arlingtontx.gov>
To: kim feil <firstname.lastname@example.org>
Sent: Tuesday, August 21, 2012 9:05 AM
Subject: RE: Multitasking- How drilling affects valuations
The only market value study the City commissioned was in 2010. Integra Realty Resources conducted the study titled “Arlington Well Site Impact Study”. Refer to this title in your open records request. I don’t have information on pipeline condemnations affecting single family homes. As for choking back wells, we do not have information on specific wells.
Community Development & Planning | City of Arlington
Mail Stop 01-0241 | 101 W. Abram Street | Arlington, Tx 76010
817-459-6613 | Fax: 817-459-6669
From: kim feil [mailto:email@example.com]
Sent: Tuesday, August 21, 2012 7:14 AM
To: Roger Venables
Subject: Multitasking- How drilling affects valuations
Roger, I’m working on a project to see how many homes for sale in Arlington are near drill sites…I never intended to do this study, I was looking to see where else I could live in Arlington that was not within a mile of gas wells and am finding vey few homes…
1) what reports have your dept. recently worked on in regards to this topic? I want to request this from open records but need to know how to word this request.
2) how many homes in Arlington have been affected in value by pipeline condemnation?
3) I am still waiting to see who is choking back which wells…. this information should be available….what do I get this information?
But its not just Chesapeake losing value…Carrrizo (who sold to second tier driller Enervest) sites are too.
Enervest owns the 6.6 acre lot to the north of the Perr drill site at Cooper and California (behind the Racetrac-yep 400 feet from the gasoline pumps) with the old empty night club valued at $2.76 sq ft that has followed the market increase rate (+15% from 2011 figures at $2.40). The actual padsite of 6.3 acres lost 36% of its 2012 value and is now at $1.75 sq ft.
Similarly the Chesapeake padsite adjacent to the Perr site at 2913 S Cooper has 8.3 acres commercial vacant at $1.70 sq ft.
Contrast that to the frontage property on Cooper street at the Race Trac gasoline station that sits on 1.4 acres that has a whopper value of $24 sq ft.
Across from the Rac Trac, (2904 S Cooper), the Avis shop has less than three quarters of an acre at $12 sq ft.
Nearby at 2805 Cooper, the tiny parcel (.2 acre) Espita Cleaning Service at is at $17 sq ft, & the Graham Station (across from the drill site) has 2.7 acres at $6 sq ft.
At 2915 S Cooper, the AG Realty owner has 4 acres at $3 sq ft and sits between both drill sites.
The Chesapeake padsite near Green Oaks/Cooper (TAD 41588940) and near our municipal air port (TAD# 41583590), both are AT SEVEN CENTS a sq ft.
Who else is at SEVEN CENTS a sq ft? …The Fulson site at Sublett and 360…