What does city stand to gain?
October 31, 2018
Are we really overpaying for the Hunt properties?
Two appraisals were done on the two Hunt properties for city offices by two different appraisers.
Appraiser 1 gave a verbal opinion on the values. We do not know what methodology was used to calculate the appraised value. This is the value which the city has given to the voters.
Appraiser 2 wrote a report on the values. We know that Appraiser 2 used two comparable properties to calculate the appraised values. One at 625 Main St. and the second at 230 Hopkins Ave.
Using the same formula used by the second appraiser to calculate the appraised value of the first property, the contract for Hunt's former Daily News building is for $23 million.
For the lower appraisal value: $1,144 per square foot x 21,400 square feet in 517 Hopkins = $24,481,600
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For the higher appraisal value: $1,442 per square foot x 21,400 square feet in 517 Hopkins = $30,858,800
Looks like city is going to make an instant profit of between $1.14 million and $7.52 million.
Another good reason to vote for Option A — locate city offices across the street from City Hall, not two blocks away on the Galena Plaza/Rio Grande Place across from the playing field.
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