Lakewood Associates, Robert G. Moore, Tax Matters Partner - Page 15

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            could be rezoned for residential development within reasonable                            
            proximity to the year in issue.                                                           
                  Mr. Hatfield examined the growth patterns and population                            
            shifts in the Chesapeake, Virginia, area and determined that the                          
            Elbow Lake property could be part of the ongoing residential                              
            development in that area.  He believed that the property could be                         
            rezoned for residential purposes because property located in                              
            close vicinity to the Elbow Lake property had been rezoned from                           
            agricultural to residential shortly after Lakewood's application                          
            for rezoning was defeated.  Petitioner's expert attributed the                            
            ability of the Chesapeake, Virginia, citizens to defeat the                               
            residential rezoning of the Elbow Lake property to luck,                                  
            testifying that opponents of the rezoning were able to obtain the                         
            required 15 percent of voters’ signatures for the petition                                
            because they collected the signatures of voters at polling sites                          
            during a general election.  The expert did not assert any special                         
            expertise in zoning issues and merely concluded that since other                          
            property had been rezoned, the chances for rezoning the Elbow                             
            Lake property were good.  Mr. Hatfield did not discount the value                         
            of the property prior to the 1989 Manual and MOA for the                                  
            possibility that the property could not be rezoned for                                    
            residential use.                                                                          
                  Despite the expert's opinion, we cannot ignore the                                  
            agricultural zoning of the Elbow Lake property and Lakewood's                             

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