Caves Valley Partners, the developer behind a controversial proposal for a Royal Farms gas station at the corner of York Road and Bosley Avenue, has reached a deal with the county on a revised purchase price, one that is several million dollars less than its original bid.
The gas station element of the project was removed under an agreement between Caves Valley and the Greater Towson Council of Community Associations (GTCCA). That agreement, signed Jan. 12, 2018, says that a new purchase price must be approved by the County Council within 90 days or the developer can revert back to its plan for a gas station. The Council, however, is not scheduled to vote on the deal until after the 90 days have passed.
Caves Valley’s offer in 2013, which the county accepted, was $8.3 million for the 4.6-acre parcel. The land’s appraised value was $8.6 million.
“The annual property tax at full build-out is anticipated to be approximately $26,125. The present value of sales price plus 20 years of property tax revenue is estimated to be approximately $8.7 million. With a five-year Revitalization Tax Credit, the present value is estimated to be $8.5 million,” the county said in a 2013 press release.
But now that the developer and community leaders have agreed to a plan that does not include a gas station, Caves Valley and the county have agreed on a new price: $6.9 million, minus $1.9 million in tax credits, for a final price of about $5 million.