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Financial advisory subcommittee reviews Germantown Country Club appraisal

By Updated: March 27, 2019 1:40 PM CT | Published: March 26, 2019 8:09 PM CT

A subcommittee of Germantown's financial advisory committee reviewed the potential purchase of the Germantown Country Club property Tuesday but took no action.

The body's discussion of a potential recommendation to aldermen to buy the site came in the wake of an appraisal released earlier this month that valued the property at $7.25 million.


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How the city might use the property if purchased is open to discussion.

“You don’t want to just buy it for people to walk around on,” Alderman Rocky Janda said, adding there is a need for athletic fields.

Added City Administrator Patrick Lawton: “I can’t speak to what we are going to do to it, because nobody knows.”

The 15 members of the subcommittee that met on Tuesday formed specifically to consider a potential purchase of the site, and reviewed an electronic copy of the appraisal as they discussed options. 

According to the 166-page appraisal obtained by The Daily Memphian through an open records request, the best use of the property is residential and institutional. The northern portion of the property is in the 100-year flood plain.

The appraisal said 158.6 acres can be developed. At about two units per acre, 250 to 300 lots would be possible. However, the appraisal noted that development plans could alter the property. It said residential single-family lots would likely be successful and noted vacant land in Germantown was “diminishing.”


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Jason Huisman, assistant city administrator, said if 261 homes were built, the tax revenue could be between $637,000 and $1.42 million.

The appraisal also recommended the city conduct a mold analysis and environmental audit. Additionally, a property condition assessment and a roof inspection on the existing buildings were recommended.

Landon Williams, senior vice president at Cushman & Wakefield, said all potential buyers must go through the same process. A timeline has not been set for when the process will begin, but the trustee will issue a request for proposals before any potential buyers could move forward.

“I think we ought to think about it as land and buildings as separate pieces,” subcommittee member Dick Vosburg said.

The land was appraised at $6.8 million. The pools, tennis courts and other buildings on the property were assessed at $450,000. Vosburg said the buildings need significant maintenance.

Estimated maintenance of the land and upkeep of the buildings is $726,000 per year.

Huisman showed subcommittee members a map of the country club and said 90 acres are buildable, 60 acres are in the flood plain and 22 acres cannot be used. 

“Potentially you could do something with about 150 (acres), but 90 for certain,” Huisman said.

Lawton said it would take probably 10 to 15 years to build out the property. Lawton could not immediately show the impact of the purchase on the general fund.

Staff members from various city departments are scheduled to look at the buildings on the property Thursday.

Both Lawton and Janda said the potential purchase is a unique opportunity for the city.

While committee members talked about many potential uses, they agreed to take it slowly.

“I think you take it one step at the time,” committee member Brian Ueleke said, adding the committee needs to decide whether to purchase the land before it determines the use.

Topics

Germantown Country Club Germantown Development Parks Patrick Lawton Financial Advisory Committee
Abigail Warren

Abigail Warren

Abigail Warren is a lifelong resident of Shelby County and a May 2018 graduate of the University of Memphis.  She has worked for several local publications and has covered Germantown since May 2018.


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