Attorneys representing the city of McKinney will meet in court today to hold a hearing to further discuss whether the city can condemn 9.085 acres that JDN Real Estate of Ohio owns and if the city can obtain the land for public use. Story
Although the land owned by the City of McKinney is tax exempt, I find it interesting that the Collin CAD has the land assessed at $261,000 an acre, and the land owned by JDN is currently assessed at $470,000 an acre. The land is similar in size and location, so the disparity in the assessed values don't add up. Possibly this is an issue in the negotiations? The city says there land is worth $261,000 an acre, but JDN says $470,000 an acre? I would be curious as to what the city's offer was to JDN. MAP
