In the next week or so, a Reston Association committee will select a consultant to review and evaluate the purchase and overrun expenses related to the Tetra office property, now known as the Lake House. The consultant will review, analyze and make recommendations to the Board on processes to prevent the recurrence of such a fiasco.
One of the steps in the consultant’s review will be to wade through the public record. The record is extensive and includes documents on the RA and Fairfax County websites as well articles in Reston Now and the Connection.
As the record shows, RA made numerous mistakes over the course of about two years. It is useful to enumerate those mistakes to remind everyone what a dismal job RA did in purchasing and managing the Tetra renovation. It might also provide some guidance to RA’s independent review consultant.
Let’s start with the $2.6 million price paid for the property. In reality, paid for two properties; one real and the other hypothetical. The real was the building as an office. That cost $1.3 million. The hypothetical, a restaurant, would cost an additional $1.35 million. The prices were based on a January 2015 appraisal for the property. RA requested that the appraiser include the restaurant. (more…)