How much is the Town planning to pay The Downs for the school site?
- $7.2 million for the 22-acre site for the proposed school – more than $300,000 per acre!
- The cost to The Downs for all of the 22 acres they are planning to sell to the Town is estimated at less than $300,000, based on the cost per square acre they paid for it. Gross profit to The Downs: around $6.9 million.
- In addition to the $7.2 million cash payment, The Downs demanded – and the Town agreed to – expansion of the Credit Enhancement Agreement between The Downs and the Town which will enable The Downs to receive even larger “incentive” payments from the Town to continue the already-too-fast growth in Scarborough.
- In addition to the cost of the land, the Town is required to pay an estimated $3 million to the Downs for infrastructure and roads within the Downs.