Management Information Systems Essay

775 words - 4 pages

Case Problem #2

Steeley Associates, Inc. a property development firm, property development firm purchased an old house near the town square in Concord Falls, where State University is located. The old house was built in the mid-1800s, and Steeley Associates restored it. For almost a decade, Steeley has leased it to the university for academic office space. The house is located on a wide lawn and has become a town landmark.

However, in 2003, the lease with the university expired, and Steeley Associates decided to build high-density student apartments on the site, using all the open space. The community was outraged and objected to the town council. The legal counsel for the town ...view middle of the document...

However, Steeley gives that result only a 10% chance of occurring. Alternatively, Steeley thinks there is a 90% chance that the town will reject its application, which will result in another set of decisions.

Steeley can sell the property at that point. However, the rejection of the permit would undoubtedly decrease the value to potential buyers, and Steeley estimates it would get only $700,000. Alternatively, it could construct the office building and face the same potential outcomes it did earlier, namely, a 30% chance of no town growth and a $200,000 return, or a 70% chance of growth with a return of $1.3 million. A third option is to sue the town. On the surface, Steeley’s case looks good, but the town building code is vague and a sympathetic judge could throw out its suit. Whether or not it wins, Steeley estimates its possible legal fees to be $300,000, and it feels it has only a 40% chance of winning. However, if Steeley does win, it estimates the reward will be approximately $1 million, and it would also get its $3 million return for building the apartments. Steeley also estimates that there is a 10% chance that the suit could linger on in the courts...

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