Fll
 

Surprised at the criticism of FLL. I've always found him very entertaining. Hang in there, pal!

.... City Council defers decision
 

"Alternative for Lakeport Landing? City Council defers decision"

Today's November 27 Laconia Daily Sun has a nuts and bolts report on the latest "what's happening" at Lakeport Landing. Some interesting stuff!

The Laconia City Council voted unanimously to wait at least 90-days before making any decisions on how to proceed with the Lakeport Landing property.

You'll see a familiar name in this article
 

Laconia Daily Sun

its only worth what people are willing to pay for it
$480k is a ridiculous amount for that strip of property especially the amount of work anyone other than Lakeport or Irwin would have to do with it

I cant believe I am asking (cause I Know the answer) what is wrong with these people:(

Reading between the lines
 

The city appraised value of 480K is for the land and building. After the sale, the buyer is to relinquish a third of the lot to the city. The city did not specify that piece if the property. Also the buyer would need to provide an easement to the city regarding the retaining wall along Union Ave. Having all that, the 330 and some change is a fair value for the property.

Obviously to Brenda Baer, its all about the revenue. She doesn't care about the what will become of the future. I hope to God someone replace that woman. During her tenure she has done more harm than good in the city.

Is this the person that had an 'event' that eventually led to the creating of a speed limit on the lake? Or am I mistaken? I'm not a local.

Don't know that it "Led to the Speed Limit" being placed into affect ..... but yes, she had a horrific boating accident

.

They should . . .
 

sell it to The State of NH. The state pays top dollar for real estate. But, that's another thread.

There are two interested buyers who opened the bidding at $331,400 and $335,000. Based upon this and the fact that the seller is a city (read stupid government entity and God knows Laconia has proven this time and time again) I'm fairly certain that the fair value of the property is closer to the appraised value. Obviously, the bidders started the process low hoping to attain the property at a discount. The city should move to install a parking lot and I'm sure the offers will substantially increase.

Exposure
 

It is all about the exposure for sales but it comes with the benefit of additional space to operate your business. It just has to make financial sense.

The building and land are situated so that everyone that drives by sees their boats on display. I always look in when I go by to see the boats that are there. That is "free" advertising for them.

Since the markup on boats from wholesale to retail is about 30% the sale of one $300,000 boat, even at a negotiated price, will generate $50,000 to $90,000 for the seller. That income will more than offset the purchase price.

Now if that lot and the exposure helps to initiate the sale of 2 or 3 or more boats per year even a purchase price of $1,000,000 could make financial sense to the buyer.

don't disagree here, but in the end it comes down to what someone is willing to pay

Agreed with that.

This is also, IMO, a very interesting case. The property has a relatively high prospective value to Lakeport Landing and Irwin's. However, given the fact that it's pretty much boxed in, it would be a poor location for many other businesses. It has no direct water access, so it's diminished value for any other kind of boat brokerage. Parking would appear to be a significant issue if it were to become independently owned.

This appears to be another in a long chain of poor decisions from the Laconia city planners.

Laconia Daily Sun

so then who else but Lakeport or Irwin would buy it if they have the wait 2 years to do anything with it

value just went even lower in my opinion

either release it to Lakeport, open a leasing war or sell it to them or Irwin on fair market value -what someone is willing to pay for it

Some little birdy like a honking, canada goose needs to quietly whisper a message to Irwin Marine; the property in discussion here would make a super-duper venue building for Irwin's personal watercraft, aka jetskis, and snowmobile business. While pwc's and snow-mo's are sold at the Alton and Hudson Irwin's, they are not sold at the Laconia Irwin's. Business at the Laconia Irwin pretty much slows down for the winter, so's having a big-visibility, snowmobile business at the Union Ave corner lot would give Irwin's a big boost up to an all-year-around business that could compete big-time with the nearby H K Motorsports.

So's, how much is that worth to Irwin's when it could re-pay this new property acquisition with a thirty year, commercial mortgage?

I do not want to see Lakeport Landing lose out on purchasing the property. I do think its vital for their business. They pay a ton of property taxes on their other properties. If they went under that would truly be a loss for Laconia & the Lake Winni community.

That being said, as a Laconia taxpayer, I think the city should get as close as possible to fair market value for the property purchase. I am not sure the assessed value is accurate. The city should have an appraisal done by an independent firm. Give Lakeport Landing the right of first refusal. If they decline... then let the games begin!

Woodsy

This parcel is in a very high traffic area and would enhance both Lakeport and Irwin. The City has a duty to the taxpayers of Laconia to get the highest price possible for the property and ensure that its use will be in the best benefit of the City. The City should put the property up for a sealed bid with a minimum reserve and also have the bidders submit formal proposals as to what there plans for development of the property will be.

not a bad idea at all

but it still all comes down to what someone is willing to pay for it, maybe that might perk up the offers a little

anything is worth anything you want it to be, but when you are selling it, it is only worth what another person will pay for it

Lakeport does pay taxes on several properties that they own in Laconia BUT Irwin also pays taxes on several properties that they own as well.

Why should a 2-year notice be given at the end of a 10-year lease? The city and certaintly the tenant knew the expiration date of the lease 10-years ago. Shouldn't the tenant have been planning for the expiration date? If I rent an apartment do I wait untill the lease expires before I start thinking about where I will live in the future? I don't think so. I can see offering it to the exisiting tenant exclusively if they are willing to pay fair market (appraised) value. Otherwise, put the proerty up for auction and get the highest price. Then invest the proceeds in the dump down the street called Weirs Beach.

Woodsy: The article says that the city did commission an appraisal from an outside appraisal firm earlier in the month and the value was determined to be $480,000.....................Show me the money if you want to stay!

Weekender...

Yes Irwins pays taxes... but where will the $$$ come from if Lakeport goes under?

Secondcurve....

You are a bit out of line calling the Weirs a dump! I did miss in the article where the property had already been appraised. If tis appraised at $480 then the city needs to get as close as they can to that. It still boils down to what someone is willing to pay. Lots of properties appraise higher than the selling price for a variety of reasons. (Although $150K off is a bit much). The city needs to deal with Lakeport and Irwin's in good faith. It needs to be an open process. The city cannot show favoritism either way...

Woodsy

Woodsy, It is highly unlikely that Lakeport would go out due to losing their current showroom and display area. If for some reason they did go out, I am sure that any of the successful marinas and boat storage facilities would be interested in in their properties as there is only limited areas for docking and storage on the lake.

it will be a tough battle for the marina
 

Brenda Baer is known to be anti-boater. Supports the speed limits and turned down a proposal for a public dock in the Lakeport area that was proposed and OK by the 1953 city council.

She usually do not answer my calls and emails so I would not see an 'honest solution to the problem.

IN reality . . .
 

if either parties need to go the bank, the bank will decide on its value based on income (capitalization rate). I'm certain both parties have accountants who have done the math and know how much cash they have on hand for such a transaction. If current tenant gets those two extra years, they have the advantage . . . and I could go on.

Secondcurve....

You are a bit out of line calling the Weirs a dump!

Woodsy[/QUOTE]

Sorry. Perhaps a bit harsh but it is frustrating to see the city leaders unable to stop the downward spiral of the area. I remember what it was and it has been a long painful slide.

I don't think the city council care less what the bank believe the value of the property is or how much capital a business can raise. Whatever the appraised value is, someone has the cash, even if its the syndicate and they will take the money. Good example is state surplus land such as Laconia State School, the politicians want millions for land that has been appraised for far less. Meanwhile the buildings are rotting away. :(

Sorry. Perhaps a bit harsh but it is frustrating to see the city leaders unable to stop the downward spiral of the area. I remember what it was and it has been a long painful slide.[/QUOTE]

That's not calling it a DUMP! :) I live in the Weirs, I love it there. And to be truthful there are really cool bright spots right now....

They have cleaned up the old saloon lot... prob paving it today

Christmas Island is not only reopening, but they are spending tons of money on upgrades...

Nothin Fancy opened a bar & Grille with a deck on Weirs Blvd

Faro seems to be knocking it out of the park businesswise...

All wee need to do is get some re-investment $$$ on Lakeside ave....


Woodsy

That's not calling it a DUMP! :) I live in the Weirs, I love it there. And to be truthful there are really cool bright spots right now....

They have cleaned up the old saloon lot... prob paving it today

Christmas Island is not only reopening, but they are spending tons of money on upgrades...

Nothin Fancy opened a bar & Grille with a deck on Weirs Blvd

Faro seems to be knocking it out of the park businesswise...

All wee need to do is get some re-investment $$$ on Lakeside ave....


Woodsy[/QUOTE]

And the business owners along Weirs Blvd. spoke up and squashed proposed zoning that would have prevented any new business in the area. Hopefully this trend continues. Langley Cove will have 290 new homes very soon.
Progress.

I know its part of the lease agreement but its seems weird to have to pay again for a building you built.

Lakeport Landing
 

A "horrific accident" is an understatement. One person was killed and another severely injured in the incident- the press reported that the driver was DWI and got off very lightly in the criminal justice system. But that's a story for another day.

Land Lease Customs
 

It is very common (based on 40+ years of real estate law practice) for a land lease to provide that anything built on the land during the term of the lease becomes the property of the land owner when the lease term expires. Otherwise, the tenant might be required to remove, at the tenant's expense (which could be substantial), anything that was built on the land and restore the land to its condition at the beginning of the lease.

It all depends on what the lease payments have been for the past 30 years. This information is notably absent. My guess is the payments have been below market. Thus, the marina may still be ahead even if they have to tear down the building in the end.

Fully understand . . .
 

just basing my comment on reality. If rent only makes a commercial piece of property a certain value they could be sitting on it for a while, I assume.

From my experience with the town of Laconia and what I've read over the past 10 years, it's all about the quick buck even if you have been a business owner for decades.

The State of NH purchased the marina behind marine patrol for $1.1 maybe that guy can go buy that land and re-establish his business with his windfall. The church in Laconia sold for $280k (or something close) far less than "town appraised" value.

I totally understand the lease agreement and have no issue.With my commercial property some tenants do many costly imrovement worth 10's to even $100,000 dollars worth.Those stay with my building.It would be odd to have them pay for that again if they purchased that space but thats how it works.

Irwin wins the prize....
 

From today's Citizen.....

LACONIA — After more than eight months of attempting to reach a consensus about what to do with the Lakeport Landing Marina property at 21 Elm. St., the Laconia City Council has agreed to sell the site to Irwin Marine.

Coming out of a nonpublic session in which councilors discussed offers received for the .81 acre parcel and 9,000-square-foot showroom at the site, Mayor Edward Engler said that bids were received and unsealed Monday evening.

The first bid was $331,400 from Lakeport Landing Marina owner Erica Blizzard and she asked the city to defer taking any action on the matter until July so a second appraisal of the property could be conducted.

The second bid was by Irwin Marine and was for $528,000.

In May, the Capital Appraisal Company of Concord valued the property and existing building at $480,000.

The city originally bought the strip of land from the Boston Maine Railroad in 1958 and then sold the property to Lakeport Landing Marina in the mid-1980s. But that purchase agreement was nullified by the New Hampshire Supreme Court after a series of lawsuits filed by Irwin Marine claiming fair and open bidding on the property had not been followed.

Following the Supreme Court's guidance and approval under the terms of settling the lawsuits, the city signed a 10-year lease with the business, which was renewed for 10 years in 1995 and again for 10 years in 2005.

However, under the terms of lease approved by the New Hampshire Supreme Court, the original lease could not be extended beyond the 30-year point and Lakeport Landing Marina's current lease expires Nov. 1.

Councilors voted unanimously in February to declare the property as surplus, opening the door to a potential sale.

Mayor Edward Engler said both bids contained provisions agreeing to allow the city an easement for inspection and repair of a retaining wall adjacent to the property along Union Avenue, granting the city access to public parking space close to Elm Street, to retain the existing building on the site so the city would not lose taxable value and if the property was sold to any party other than Lakeport Landing Marina, the business would not have to relocate for two years.

Ward 3 Councilor Henry Lipman made a motion to accept the offer to sell the property to Irwin Marine and instruct City Manager Scott Myers to finalize the agreement.

By a vote of 4-2, the council voted to sell the site and building to Irwin Marine.

Councilors Ava Doyle, David Bownes, Robert Hamel and Lipman voted for the motion, with Councilor Brenda Baer and Armand Bolduc voting against it.

Prior to the meeting, Rod Dyer, former Laconia mayor and the attorney representing Erica Blizzard, shared a letter he sent last week to the city manager and city councilors about why the city should sell the site to Blizzard.

In the letter, he said that through the years since Lakeport Landing Marina has been on the property, it has rendered to Laconia rental payments, tax payments and improvements of more than $560,000.

"That investment in the premises is now on the verge of being lost as the city considers whether 'fairness' requires wiping the slate clean and viewing both interested parties as identical, event though one has invested literally hundreds of thousands of dollars into the property and the other has invested nothing," Dyer wrote in his letter.

Baer said she was dejected by the outcome of the situation.

"I've been beaten many times, but tonight I am truly disappointed," she said.

Bolduc said he agreed with Baer.

"I still say I'm disappointed, but we'll have to live with it," he said

She should have ponied up... Can't feel bad about this. Irwin stepped up big time over her number.

I agree with Codeman.... LakePort Landing had 30 years to figure this out, with the city... the lease ended and it was time to pay the piper...

I continue to wonder financially how well LakePort Landing is really doing....

While I agree with Woodsy that it would be a lose for the community... maybe it is time for some new blood in the Marina industry around the lake.

So's .....what will Irwin's do with their new, high-visibilty addition.....will it be used for more boats.....or will it be used for pwc's, sno-mos, and maybe atv's? Maybe a canoe and kayak center.....no? .....hmmmm....probably not?

Oh well.....wait & see .... 24-months from now? Will Irwin Marine still be there ..... very similar to today......in the year 2065 when everyone is about 120-years old and still boating ...... ho-ho-ho?

Yes, but in my mind some of the money invested in the property should have been taken into consideration. Sometimes it's not just about the money.

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