Old City Hall Annex Update

Ron Bolin:  Jan. 2, 2018

Back in February of 2017 I wrote a piece in this blog entitled: City Hall and the Management of our Public Real Estate.  Council determined in 2012 that with the construction of the New Annex across the street, that 238 Franklyn Street should be sold. In December of 2012 it was determined that 238 Franklyn should be conditionally sold for $1 (one) dollar. Those conditions were subsequently extended from two years to seven years.  Those conditions were met in 2017 with the demolition of the old annex building. In the years between the conditional purchase and the demolition the property taxes paid by the purchaser were effectively nil as a covenant put on the property by the City reduced its assessed value to $1 (one) dollar for the land and $1 (one) dollar for the improvements (i.e. the old annex building.)

Now new assessment valuations have been done and the result is that while there is no value on improvements, the land alone is now assessed at $856,000.  Not bad for a purchase of $1 (one) dollar and years of paying no property taxes, eh?  Perhaps Council can explain the reasoning behind their property management techniques.

For more detail see the original post on this blog back in February of last year..