- 15 - hereinafter sometimes referred to as Nelson Bros. The Nelson Bros. lease was entered into in 1976 for 10 years with two 5-year renewal options. At decedent’s death, the lease was in its final 5-year renewal period with 48 months remaining and scheduled expiration of April 30, 1996. Under the lease, Nelson Bros. paid monthly rent of $3,500 and was responsible for all operating costs of the property, including real property taxes. In December 1991, Nelson Bros. had one underground gasoline storage tank removed from the Lafayette Property. After removal of the tank, Nelson Bros. had the soil tested for fuel contamination. The test result showed unacceptable levels of fuel contamination. On May 4, 1992, a reasonable buyer would have discovered the ground contamination and adjusted the sales price of the Lafayette Property downward by about $100,000 because of cleanup concerns. At decedent’s death, the highest and best use for the Lafayette Property was for heavy industrial usage. 4. The Parker Property The Parker Property is 2.93 acres, about 127,631 square feet. The Parker Property is on level land; it fronts on Parker Street, Lafayette Street, and Grant Street, and it adjoins the Lafayette Property on the south. It is flag-shaped. In 1992, the Parker Property was zoned heavy industrial, which allowed manufacturing, assembling, research wholesale, orPage: Previous 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Next
Last modified: May 25, 2011