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What is value of County Home campus?

February 19, 2014

A special Legislative meeting Feb....

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(46)

joew

Feb-22-14 3:06 PM

Didn't say he wasn't Norm,just stating a fact.

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NormanC

Feb-22-14 9:49 AM

joew..The man is doing his due diligence,and doing a great job,a lot more then I can say about some of his own constituents..He needs no one to tell him how to vote..

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joew

Feb-21-14 8:13 PM

Very apparent to me that should Terry vote to sell he will be sleeping on the couch for the rest of his natural born life!

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Marcia

Feb-20-14 1:12 PM

Well an appraisal should be done before the sale just so it is clear what the property tax rate would be. What businessman would buy a facility not knowing the tax rate? Or has an agreement already been made behind the scene on that issue?

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Niebelj

Feb-20-14 11:44 AM

Watchdog. Again we will not agree on this so just let's just leave at you are wrong and I am right.

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WatchDog

Feb-20-14 10:58 AM

NiebelJ...you are attempting to interject speculative numbers in the process. The value of the property is fully reflected in the sale price along with all the inventory of the real property. The total investment 10 years ago was $16 million and the value deprecates every year. The main valuing factor is the fact the CCHome can only generate so much revenue from the 210 beds. There is no opportunity to expand those beds by state law and the County will not expand into other adult care services. With losses only expected to be greater- it's time to sell.

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Niebelj

Feb-20-14 10:35 AM

We will obviously not agree on this because you seem to believe that the real property has no value and it absolutely does. If, for example, this was no longer certified as a nursing home the property would still have value for other purpose. It could even be the North County office building that has been tossed around for years and never been built. Within the past ten years an 18 million dollar addition was completed. That addition value alone exceeds what is being offered. And as far as marketing goes we should have been using positive marketing, touting the facility and making it attractive instead of begging people to buy it at any price they wanted to offer. If you think that purchasers don't know they have the upper hand look at the arrogance of Mr. F reducing his offer by half a million. With the meek acceptance by our leaders I'll bet he is sorry he didn't drop the offer by twice that much.

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WatchDog

Feb-20-14 7:25 AM

NiebelJ…This property has been openly advertised and offered to prospective buyers for 3 years. Any appraisal would be fruitless at this point because the market is considering all the factors in the value of the property. If an appraisal were done, a certified appraiser would be bound to give specific examples by the sales comparison approach and the income approach to value the facility. They would also take the cost approach of the facility and use depreciation to give a value. In other words, they could only value what is the present status and inventory of the property. The major limiting factor to value is the number of beds which produce the revenue to operate the CCHome. If the State decides to eliminate beds like they have done before- the value of the facility starts to drop immensely. It's time to sell in light of the fact New York State doesn't want the counties in the nursing home business as evidenced by the fact there are over 30 counties trying to get out.

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NormanC

Feb-20-14 12:44 AM

Hawkman411..Boo!!..lol..

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Niebelj

Feb-19-14 11:14 PM

Watchdog the business operation is certainly an important part of this sale but I will guarantee that Vestra Care has every intention of making a profit. they will walk into a turn key operation and they will NOT spend millions on anything. As far as the property itself goes it is irresponsible to not do an appraisal and valuation of the inclusions. As I said before If for no other reason then to assure that there was no questionable activity involved in the sale. This is not a sale between two individuals ..it involves public property and responsibility to the taxpayer. In this world when people lie and make false accusations as a way of life, what if someone claimed this was a sweet deal for a political contribution. How do you defend that if you haven't covered all the bases.

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WatchDog

Feb-19-14 10:33 PM

The CCHome has been valued by the income approach by prospective buyers. No one is going to make an offer on speculation. The business risk is too great with the NYSDOH controlling the Certificate of Need which governs how many beds can be available. Those beds will produce only so much revenue and we know the State is is more likely to reduce beds than allow more. At the same time the State is cutting reimbursements. Any buyer is going to have to spend millions to offer services the County can't offer. It's time for the County to get out of the business and let the private sector save the taxpayers of the County from further losses.

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Niebelj

Feb-19-14 10:14 PM

Mr. Pinecone you are correct, this property has been "marketed" for several years and there really hasn't been an explanation as to how the 16 million dollar figure was determined. As far as the length of time, that is also interesting, because the Home was marketed without the County Executive having the authority to sell as it had to have the Legislatures approval. The Legislature voted it down three times and a fourth offer has now been submitted. I would say that any serious interested party would look at the way this has been handled administratively and politically and think twice about making an offer. So now that the new County Exec and a majority of the legislators have telegraphed that we will sell at 16 million that is what they have offered. An appraisal of the real property and valuation of all inclusions assures the taxpayer that there is no questionable activity in a sale of public property. It should simply be a matter of course.

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Hawkman411

Feb-19-14 10:09 PM

I see ol' Mr.Conspiracy Theory has a new tall tale to tell...NormanC AKA Ron Hammernick is selling more snake oil. More lies to scare people! Maybe he can tell you how the US faked the moon landing too...LOL

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MrPinecone

Feb-19-14 9:05 PM

The fact that this property has been marketed for sale for a couple of years and only 2 or 3 serious parties have showed interest, I would think that's a pretty good indication that it's not exactly priced like a give-away. Ms Niebel, you know that when your realty company has a property that's priced low for a quick sale, it generates a lot of interest and usually results in a quick sale. Not so here. What if an appraisal says it's worth $12 million? What then...?

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WatchDog

Feb-19-14 8:38 PM

The facility is only worth what it can return on investment. It could be built like the Taj Mahal, but if it doesn't have a positive return on investment it is not going to be worth a lot. Just like the NRG plant. It's worthless unless it is generating electricity.

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CadeFoster

Feb-19-14 7:45 PM

gag order will be the union.........employees have no right to speak for themselves , the union speaks for them !!!

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NormanC

Feb-19-14 4:14 PM

Who put the gag order on the CCH employees to not speak or divulge any information concerning the CCH??..What kind of game is this??..Threatening employees for telling the truth??..You behind this GeorgeB??..Well you cant gag me mister cheapshot..I have said this before and have let every Legislator know,there is no Electronic Medical Recording going on at the CHH,it was started,but only piecemeal,and has progressed no further..Horrigan claims he has seen no savings,how can there be any if this program is not in effect!!..This was a CGR recommendation..Who stopped this program??..GeorgeB wont communicate with me anymore,and no other Legislator has responded concerning the Electronic Record keeping..Why??..Hiding something??..

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Myview

Feb-19-14 3:20 PM

I believe what is important is the well being of current and future residents - we have an opportunity to ensure that the county home remains viable and open WITHOUT taxpayer subsidy and I am sorry but I have worked in the private sector for my whole life and will walk away with no employer paid pension and never receive employer paid health insurance-and got 5 and 10 cents raises and said thanks!

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Niebelj

Feb-19-14 3:05 PM

If using terms like "bleeders", "bleeding hearts" "foolish" or Steiner calling me a "conversion disordered woman" means that I care about more about the care and well being of our elderly, have compassion for 280 of my neighbors whose lives have been and will continue to be disrupted, then by all means keep them coming. But you should also realize that the sale will definitely have an impact on our economy in the north county and it will not be positive. Making statements that insinuate we would have to " double the tax rate per thousand" if we don't sell the home are groundless. Celebrating the loss of jobs and benefits of people who have dedicated themselves to helping others is almost cruel. Somewhere in all of the hype and vitriol regarding this sale people have forgotten what is really important and that is a sense of community. That is really very sad.

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rumblefish

Feb-19-14 3:04 PM

then again, maybe the solution is to sell to the City of Dunkirk DLDC, seeing they are "fond" of buying property and paying "inflated" or "over priced" amounts

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rumblefish

Feb-19-14 2:59 PM

simple choice double property tax for all county property to support continued county ownership/running or sell for the 16million, answer sell, sell, sell, and again we say SELL!!!!!!!

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CadeFoster

Feb-19-14 1:45 PM

that is true, it is only worth what someone will pay. No matter the item, no matter the price in the book. So let make it easy as the assessed value goes. What ever the home sells for will be the taxable value. So at the current tax collection income of $5000 vs the new property tax income of $800,000. For those who dont believe the home is only assessed at around $100,000. go to chautauqua gis dot com. look for yourself.

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rumblefish

Feb-19-14 1:31 PM

and the people who "cry out" over and over "keep the home at any price are " foolish" and as always "a fool and his money are soon parted" as for ownership, we were suggesting "private ownership" from local heart bleeders", not continued "public ownership", as always posters comment on what they "perceive" not on what is posted we didn't relive how many read with "their hearts", and that's not sound business, but "foolish" business

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commentor

Feb-19-14 1:25 PM

Obvious everyone chanting for an appraisal has no clue about selling property or business. Like it or not Farbenblum is correct. It is worth what you can get for it. Rothner would pay more for it from Farbenblum how stupid. No one is breaking down the door to buy this place. It is a liability to the County. It should also be obvious to Horrigan and others that the airport is also a liability but Horrigan says keep airport. Time for Young and the rebel rousers to organize. Start sending her those letters and emails.

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HaveANiceDay

Feb-19-14 11:13 AM

Set the price at $25,000,000 and not a penny less. When you negotiate out of desperation you lose EVERY time. The idiots advocating the sale at any cost are narrow minded.

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