Council as an equity partner..as seen on ACA

[emu]

An Adelaide council (salisbury) is giving away council owned land for free you pay for the house to be built and then when you sell the property in the future the council will take a share of the price.

What i am curious to know is the % payable to council on sale?
There are up to 300 blocks up for grabs and as i understand it most will be in the same estate.........it will be interesting to see the fine details.

http://aca.ninemsn.com.au/article.aspx?id=290558

 

[grossreal]

hi emu
what if you put the da into council and they knock you back.
you take it to the land and eviroment court
and the council is fighting itself
thats very interesting.
and if you make a loss does the council cover half the loss.
maybe a good way of leverage against loss

 

[Ruby]

It was also mentioned in this thread.......

http://www.somersoft.com/forums/showthread.php?t=35193

 

[Pushka]

Some more information about all this...

Well, a little more background is needed methinks! The Mayor of Salisbury is running for a Federal seat in the election in a couple of months time. The main protagonist tonight was a builder; he by chance is also running as the opposition for the same seat.

The Mayor then said that nothing had been decided yet and wouldnt be for the next few months. Ho Hum, that would be AFTER the election, wouldn't it! So it sounds more like publicity stunt than a real proposal.

Also, the Council would select the builder, not the person themselves.