Now the town is in clover as it learns the three appraisals it ordered on the property will give its residents a tidy gross profit. Developer Nate Bowman, for example, is offering $1.17 million or $36,563 per acre (84 cents per sf). Another appraisal, based largely on multifamily uses, puts the dirt's value at $1.4 million or $43,750 per acre ($1 per sf).
Before a deal is struck, however, potential historic preservation tax credits will be evaluated. Also, there will be an engineer's review to determine the cost of making the old mill building structurally sound or tearing it down and cleaning up the site.
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