ADRM
Senior Member
ORCA at least seems to have a leg up on the city but what it all adds up to remains clear as mud.
Don't think the first half of this sentence is necessarily true, because ORCA knows that it can't develop the land without the city's approval (in rough terms), but the second half certainly remains the case, mostly because we don't know the full assumptions underpinning each party's bargaining position.
My best guess as to the city's gambit is that it believes it can go the expropriation route at a feasible total acquisition cost because it believes any court would recognize the limited development value of the lands that ORCA says it owns (the city may not even ever need or want to challenge the ownership in any real way), thereby keeping down the value the purported owners can extract therefrom.
So, fast-forward to an unknown date in the future on which the court has ruled or the parties have settled, and we're in a situation where the city finally knows the full land acquisition costs for the project and ORCA has extracted what is for all intents and purposes the maximum value for their assembly, and you're done (or, if you're the city, ready (if not able) to build a multi-billion dollar park).