It looks like Globe Mechanical wants to purchase the buildings which were formally occupied by the street department. The asking price was $300,000 and Globe is offering $225,000. Yes the bid is much lower than the asking price, but these days no one can sell for asking price. And besides, no one else is interested in these buildings.
Globe Mechanical wants the space so they can expand and hire 40 more workers. I say sell the buildings already and let them put 40 people to work.
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I haven't lived here very long and I am not sure what buildings you are talking about. Where are they, and how many buildings are there? Thanks.
Shirley, you are always so quick to just give things away i.e. sewer taps and now property at a reduced price. Aren’t there state laws that have to be followed? Are you saying get rid of it even if state laws are not followed?
It sounds reasonable to me.
I'm not sure why there would be a state law against selling buildings. At the moment they are sitting empty and someone wants to use them to expand their business and hire 40 people.
What are they giving away?
The street department is located at 624 E 4th St. And I believe there are 2 buildings.
Globe should realize this is a very much contaminated piece of land they may buy. Are we responsible for the cleanup?
ms. baird, i dont think 11:56 was saying that there is a state law that the city cant sell buildings. more so perhaps that there might be state laws that have to be followed when selling city buildings. good question for FOS if you dont know.
The city collected the money on the roof damage and never fixed the roof. Dound like history repeating itself.
if the building is worth $300,000 and they sell it to them for $225,000 then it sounds like they are giving away $75,000. if Globe needs the building they will pay what it is worth. next Globe will be asking for the city to clean up any contamination and then add to that a tax abatement which Globe probably will seek.
Yes, buildings are valued at $300,00 but no one seems to be willing to pay that price. Globe Mechanical submitted the only bid.
Everyone knows that real estate prices have plummetted in the last few years. That is why I believe the city should sell the buildings why they can and let Globe Mechanical get on the ball and hire those 40 people
I am a chicken when it comes to driving on ice so I did not attend the city council meeting last night.
mea culpa
if the building is worth $300,000 and they sell it to them for $225,000 then it sounds like they are giving away $75,000.
Just because an appraiser said $300,000 doesn't mean there's a willing buyer waiting, check in hand.
Has anyone offered $300,000 for the building? It's only worth what someone is willing to actually pay for it.
If you think it's a $75,000 giveaway, then show me the guy with the $300,000 check in hand.
If the building sits empty we leave $225,000 on the table. The longer the building sits empty the value will continue to drop.
We collect zero dollars in property taxes on that property until someone else owns it. If the buyer decides to take the forty new jobs somewhere else we lose those EDIT funds.
If the buyer decides to move his entire business to another city that is willing to work with him we lose all of that income forever.
You didn't miss much, Shirley. Every member was mad at another member, at one time or another, all evening. That doesn't even count the anger toward Carl.
ms. baird...you have a lot to learn. may i ask if you have a higher education?
Anon 11:15 & Matthew Nash, thank you. That was exactly my point.
Anon 3:28 What exactly do I need to learn? And what is your education level? $225,000 cash in hand is a lot better than waiting for $300,000 that may never materialize. Not to mention the potential loss of jobs that Matt Nash referred to.
My question to you about whether Globe will be responsible for one of the most contaminated pieces of land in the City was kinda/sorta answered today in the paper?
And, why would Globe be interested in assuming IDEM's enforcement and continue cleaning this site up? Sounds like a lot of money to me to clean this site up doesn't it to you?
Yes, it does seem like a lot of money to me also. Maybe they figured that in when they submitted the bid.
I don't know what the original value included. It may be that the property was worth $285,000 or $300,000 whichever before the contamination was cleaned up. It may be worth $500,000 after being cleaned up.
And as John Rosenbarger said, we can't count on getting those funds back from IDEM anyway. So I still stick by my original opinion.
Coffey and Price's pension plan.
http://www.nytimes.com/2010/12/23/business/23prichard.html?src=me&ref=general
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