I realize residential building and renovation costs in Napa are outrageous. However, having extensively renovated, remodeled and updated the interior, exterior and landscaping of a 30-year-old, 2,100 square-foot home in Browns Valley for a touch over $100,000, I was very surprised by the apparent costs associated with the municipal bonds recently passed by our city council.
At first glance, the $26 million bond to renovate 105 units at the River Park Manor complex seemed way overpriced at $247,000 per unit. However, those figures pale in comparison to $50 million bond measure to renovate 75 units at the Charter Oaks complex because that math pencils out at a whopping $666,000 per unit.
What am I missing? As much as we need more affordable housing in Napa, are these bonds really fiscally responsible?