How Was The Land Valued?
An appraisal report dated February 17, 2006 was conducted by Michael OBrien, an independent professional appraiser in Burlington. The appraisal was required for VHCBs grant process and for BED to determine a sale price. The highest and best use of the property was recorded as agricultural and conservation, and the market value was determined to be $200,000. BED had paid $400,000 for all 400 acres in the late 70’s. It used the only portion not in the flood plain and accessible by railroad for the power plant. The land used for the plant is significantly more valuable per acre than the unbuildable flood plain land.
