Op-Ed: Why RA Held Tetra Appraisal, RestonNow, April 7, 2015

This is an op-ed by Reston resident Terry Maynard. It does not represent the opinion of Reston Now.

In the debate over Reston Association purchasing the Tetra property at Lake Newport, a major source of frustration has been RA’s refusal to release the Feb. 4, 2015 appraisal until seven weeks later.

RA released the report only after two public hearings were held, the referendum question and fact sheet were finalized and approved by the RA board, and the $2.65 million dollar conditional sales contract was signed on March 27.

Appraisals like this are prepared to aid in assessing the value of a property, its condition, and any constraints its use or development may face. They can be an excellent tool in deciding whether a purchase contract ought to be signed and at what price, but Restonians did not have the opportunity to see this appraisal until the sales contract was already signed.

Had the Tetra property appraisal been made public immediately, thus providing RA members with a meaningful opportunity to comment before RA signed the sales contract, I believe we would not be having this debate or a referendum. There are so many major problems identified in the appraisal even RA’s single-minded board would probably not have decided to move forward.

The $2.65 million valuation is the obvious place to start. . . .

Click here for the remainder of this op-ed.