Agency Says Land Value Has Fallen Significantly, Wants A New Appraisal

The Reading, PA Regional Airport has been trying to sell 200 acres of non-aviation land for an industrial park, but the FAA says the appraisal of the land may be too high, and wants a new assessment of the property.

The original appraisal price of $4.9 million came from an appraiser working for the Berks County Industrial Development Authority. Airport Authority Chairman Michael A. Setley told The Reading Eagle he is not sure the FAA is aware that the authority a government agency, and not a private developer.  The Authority wants to build a bio-tech research park on the property, and the deal was reportedly negotiated several years ago. "They say, 'We're in favor (of the sale), and all you have to do is address these 480 comments and follow these rules we're making up as we go along,' " Setley told the paper.

The FAA said they had questions about the appraisal format. The airport authority answered those questions, but now the FAA says they want a new assessment from a different appraiser.

Setley said if they are unable to convince the FAA to reconsider, they will hire a new appraiser. Their contract with the Berks County group expires October 31st.

FMI: www.readingairport.org, www.faa.gov