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District receives $1.7 million appraisal for Fourth Street property; board to discuss sale vs. reuse
Summary
An appraisal valued the district’s Fourth Street gym and buildings at about $1.7 million (sales-comparison approach); staff and trustees discussed options including keeping the facility for district use, renting it, or selling as-is.
The district provided trustees an appraisal for the Fourth Street property (gym and associated buildings) at the Feb. 14 meeting. The appraisal firm reported a sales-comparison value of approximately $1,700,000 and a land valuation within that total of about $600,000.
The firm included a cost-replacement approach that produced a similar rounded value. The report also estimated that if the district demolished the structures and sold the bare land, the value after demolition would be about $500,000 — roughly $1.2 million less than the as-is appraisal.
Trustees discussed how the property is used now: intermittent rentals, community events, and district storage and overflow space. Staff reminded the board that selling the property would require the district to relocate warehouse, storage and some rental uses. Trustees asked staff to compile operating costs (utilities, custodial, maintenance) and a list of current renters and rental revenue, and to estimate renovation needs (bathroom upgrades, HVAC, ceiling repairs, accessibility and potential fire/sprinkler upgrades) that a buyer or the district would face.
Staff said they have received inquiries and informal interest and have conducted tours; the appraisal was informational only and the board will decide later whether to pursue sale, adaptive reuse, or retain the property for district needs. Trustees also asked staff to check historical-preservation interests the city may raise and to price the cost of necessary improvements to better compare sale versus retention.
Ending: Staff will provide a cost-of-ownership analysis, a rental-income summary, and an estimate of renovation and demolition costs to inform a future board decision on Fourth Street.
