September 29, 2006

Concerns raised over airport lands

Property owners at Argyle are concerned over a discrepancy in the valuation of their properties as they relocate for construction of the Argyle International Airport (IADC).

“There is a case of one homeowner whose property is valued at $400,000 by (the British property consultant) Brown & Company, when he has a mortgage for that property at the bank for $600,000,” Chairman of the Argyle Property Owners Association, Carl Glasgow, told journalists.{{more}}

Some 90 of the 126 property owners forced to relocate are fuming mad over “under valued” properties by the company.

Two methods of valuation are at issue – one is a fair market value and the other is the actual cost of construction.

Glasgow alleged that Brown & Company acknowledged making inaccurate valuations in some cases but charged that the properties valued by local independent valuators was not up for considering if unsupported by market evidence.

He also charged that the foreign consultants were not properly examining the properties in order to arrive at their valuation.

The chairman also revealed that two valuations were done by Brown and Company. The first was rejected by the IADC and the company submitted new valuations which are now being used.

Glasgow wants an explanation of the two valuations.

“We are very suspicious about that, why is it a re-valuation and not valuation project?” the town planner asked.

The property owners have also said the Letter of Intent they are being asked to sign for the acquisition of alternate lands was “very vague” pointing to cases where no master plan was presented to the Argyle residents showing the sizes of the 104 lots allocated to them at Harmony Hall.