Caldwell Urban Renewal Goes For Land Speculation Deal

The below quote is taken from the September 6, 2005 Caldwell East Urban Renewal Agency minutes. It would appear the Caldwell Urban Renewal Agency went into the land speculation business with our tax money. The intent appears to be in a position to sell the property to the FAA at some future date when the Caldwell Airport expands.

9-6-2005

"Chairman Waite informed the board that the Huston property at the airport, which is located in the ‘squash zone’ and consists of 13-15 acres @ $50,240/acre, is on the list to be purchased by the FAA in several years. URA has the opportunity to purchase the land now for re-sale to the FAA in the next several years. Potentially the FAA will reimburse owner at market value, however it is not known whether URA will qualify for the full market value reimbursement. Motion to authorize Chairman Waite to put together a package for URA approval: Beebe/Fouts M/S/P"