Eastern Shore land battle comes to Capitol Hill, Washington Post
“In the northernmost county of Virginia’s Eastern Shore sits a quiet, 32-acre parcel of land, thick with grass and little else — except controversy. Though mostly empty, the land, which was handed over to Accomack County by the federal government in 1976, holds future economic promise, as it sits near NASA’s Wallops Flight Facility. So this week, the House will take up legislation to remove restrictions on the property, allowing it to be developed. Such land transfer bills are usually routine business on Capitol Hill, passing with broad bipartisan support under rules allowing for expedited consideration. Not this time.”
Wallops Research Park
The parcel of land has a covenant that says it must always be parkland. Therefore, valuation should be as undeveloped parkland, and the town should be able to swap the covenant to another undeveloped parcel within their borders. You can’t value a parcel without considering its covenants.
But the original covenant says the county can use it for things other than park land, they just have to buy it first. Therefore, valuing it based on its potential as a business facility makes sense. If this wasn’t a relatively poor county, there wouldn’t be an issue – a county with more means could simply buy the land for the $815k it’s valued at. It seems to me that, rather than trying to get congress to invalidate the covenant they agreed to, the county could find a way to partner with a private investor, e.g. a developer, who will agree to lease the land, or sign a contract to buy, with the first “x” years payment due in advance to get the 815k in hand. If there’s not a private investor willing to partner with the county this way, the land probably isn’t worth as much as everyone thinks anyway.