Three lots were purchased by MJR in 2001 for $1,937,500.
These same lots were appraised in 2005 by the District for $3,300,000.
This represents a return of 17.5% per year.
The District purchased the same lots for $5,601,551 in 2005.
These same lots were appraised in 2005 by MJR for $5,600,000.
This represents a return of 47.5% per year.
Monday, August 13, 2007
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This just came in from Gary Noble. He is under the impression that a district's transportation and maintenance hub is a commercial endeavor.
Dear Ms. Westerholm,
I want to assure you that the Board was well aware of the $3.3 million valuation for the property. Although I cannot get into details, the difference between the two appraisals was very understandable, and was due to several differences in assumptions and ground rules, including a different "highest/best use" assumption. It was clear to the Board that the second appraisal more accurately represented the current commercial value of the property.
The Board these property transactions very seriously, always striving to use capital project funds as wisely as possible.
Edmonds School Board
425-342-5181, Cell: 425-931-5118
Gary cannot get into the details because he doesn't have any details. He was told to approve the transaction and did so. Someone should tell Gary that silence is golden.
A vote for Gary Noble is a vote for continued waste and puppetry.
Noble should have left with Fair.
Our values are the fundamental guiding principles and tenets that define how we do business, approach relationships, and undertake life in general. MJR’s values are:
At MJR we play by the rules – legal, ethical, and moral. We hold no hidden agendas and promote a completely open environment in all of our business dealings.
People are Important
People are our most important asset, and our relationships with them are precious. This includes all of our stakeholders: our employees, our lenders, our tenants, our customers, and our suppliers.
Do it with Passion
We are passionate about what we do, and we do it with out-of-the-box creativity, a positive attitude, and a unique style.
Work Hard / Play Hard / Have Fun
Since time is limited, we believe that it’s important to spend our time doing the things we love, with the people we love. Most of all, we like to work hard, play hard, and have fun with everything we pursue.
Dream and Make Dreams Real
At MJR, we dream about building and build what we dream.
We recognize the fact that we are in a unique position to help make the world a better place, a more beautiful place. We accept and embrace the responsibility that this implies and give back to the world through all of our projects.
Do it Right
It’s not worth doing if it’s not done right, so we do it right the first time. The process, the people, the result, all done right the first time.
I'm puzzled. How does a district pay $5.6m for something it has itself valued at $3.3m? How does MJR explain a 47% pa increase in value?
Perhaps the problem lies in the anthropomorphism of our use of such terms as "district" and "MJR".They are at best schizophrenic entities, to continue the personification.
Who is the "one" you refer to? Someone, it seems, has exited $2.3m richer, perhaps? Who is $2.3m poorer - the necessary corollary?
Hope to write at greater length soon. Sorry to have been so neglectful for so long.
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