The town will soon have its prices set for the 42 lots it's creating in the new high-end residential Napoleon Meadows development.
The prices of the lots, which will be finalized by town council on April 14, will be presented to the public on April 25 and 26 at the annual 2014 Innisfail and District Trade Show, which is being sponsored by the Innisfail and District Chamber of Commerce.
Craig Teal, the town's director of planning and operational services, said he will also be asking town council to consider a lot draw process as a way to sell the 42 properties at Napoleon Meadows.
“People literally put their name in a draw bucket and we randomly draw names so we are fair on who gets to stake claim to which lot is first,” said Teal, adding details as to when and how the town would do the draw has not yet been worked out. “I have not gotten council's discussion on that yet.”
Last year, town council agreed to commit $3.75 million to start construction on the subdivision, with the intent of recouping the funds through the sales of the lots. Staff told council the monies from the sales should bring in about $5.1 million.
At council's March 24 meeting, council awarded Calgary's AIC Construction Ltd. a $2.675 million (including GST) contract to construct infrastructure for the subdivision. Administration told council at the meeting it's expected home construction at the site will begin on Aug. 30.
Teal said last week he will bring a report to town council on April 14 with recommended prices for the 42 lots, 35 of them being 52-feet wide as well as seven larger ones at 66-feet wide.
He said last year the 52-foot wide lots would have a “rough ballpark” cost of around $105,000 - $110,000, with the 66-foot wide ones selling in the range of $125,000.
“As we go through any project it gets more detailed,” said Teal. “The process we are going through now is that we are getting our actual dollar figures, our actual costs nailed down and we can come back and confirm if we have to raise them higher, and if we do, how much more.
“Once you get to a detailed subdivision they are not all the same,” said Teal. “Some are a little bit more aesthetic than others, some have huge backyards because they are on the outside in the corners. It will probably vary from lot to lot.”
