Committee presses developer on economics after deed modification proposal
Summary
Committee members asked whether the shift to more fast chargers would change the site's economics and whether the sale price was below market; presenters said the original appraisal considered square footage and approved configurations and described revenue projections as potential rather than guaranteed.
Several committee members pressed developers and staff on the project's economics, asking whether the proposed shift to 38 fast chargers materially altered the appraisal or revenue prospects for Wildflower JFK North.
A committee member asked whether the developer stood to "make more money" now that the site could potentially serve far more cars. Presenters responded that the original appraisal and sale were based on land value and feasible uses, and that the original deed already allowed for a range of charger counts. The presenter said payments were made to facilitate the electrical connection and insisted the sale was not below market.
No detailed revenue projections or updated appraisal were provided at the meeting. Committee members flagged the possibility of higher future revenue as a reason to scrutinize the terms of the deed modification and any accompanying public benefits.
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