Sundance:

Sundance is a piece of land owned by JTM consisting of just over 74 acres. We purchased water rights some time ago and this land came with the purchase. We acquired both the water and land for $575,000. We stripped rights from this and used them in Hamilton Stage to increase our density. The value of the water that was diverted to Hamilton Stage was $312,000. Sundance was originally comprised of 94 acres, we sold 20 acres on the opposite side of Sundance drive to Mike Lattin who lives adjacent to it for $225,000. We have recovered $537,500 from our original $575,000 purchase price.

Currently, the City of Elko has run a 12” water line in the ROW of our property from top to bottom. They have approved the expenditure to design a sewer lift station at the bottom. It is projected that this will be built next year and completed in 2021. This would allow us sewer and water for Sundance to be annexed and served by the city of Elko as we are currently an island surrounded by the city on 3 sides. We would go through these approvals at the end of 2020 or the start of 2021. The density here is 5 homes per acre minus roads giving us a density of approximately 4 homes per acre or 296 lots. Each Lot would sell for $75,000 in today’s market or perhaps $80,000 then. In today’s dollars that is $22,200,000 in lot sales. The raw land once annexed would be worth $75,000 to $90,000 per acre. Raw land value without improvements is $5,550,000 to $6,660,000. We could decide to sell chunks, develop lots and sell them or a combination of both. The City in the time that we have purchased this has surrounded us with City paid for infrastructure including the $1.6 million dollar water line and now are designing a multimillion-dollar sewer lift station back to the plant. We have benefitted by time in this location.

The small rectangle in green with lots on the right side of the page and of Sundance Drive was the 20 acres that were sold.

The area on the left in green with lots is our 74-acre piece. Now on the top, left and on the bottom of this land is all City annexed land.

This lotting is conceptual but reflects the roads coming in and going out of the project and those lots that would be within our land.

This approval process and start would coincide with the completion and sale of our Tower Hill Phase 3 in 2021.

Additional Sundance Photos

 

Sundance Video