Redevelopment commission orders two independent appraisals as wastewater-plant sale advances
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Summary
The Morgan County redevelopment commission authorized two independent appraisals for remaining redevelopment land as negotiations move forward on a confidential wastewater-treatment-plant sale to a private buyer, citing the need to avoid stale valuations.
The Morgan County Redevelopment Commission on Tuesday approved payment for two independent appraisals of surplus redevelopment parcels to support a pending wastewater-treatment-plant sale.
Staff told commissioners the commission is negotiating a sale of the county wastewater treatment plant to a private buyer identified in the meeting as Bartersville, and that updated valuations are needed for the remainder parcels the commission owns. Staff presented quotes from two firms: Trainer and Associates at $7,000 with a three- to four-week turnaround and Valbridge Property Advisors at $7,750 with a three-week turnaround. Staff said the appraisals do not cover the land proposed for sale to Bartersville, only the remaining parcels.
The request prompted questions about scope and timing. Commissioners asked whether both appraisals were required and whether valuation might be stale by the time it is needed; staff said both independent appraisals are required for the disposition process and to provide up-to-date values for multiple, subdivided parcels that include at least one structure.
Commissioner Kim Meredith moved to approve the two appraisals as presented. The motion was seconded and passed by voice vote.
Staff said the appraisal work is intended to support an active economic development prospect in the area and to finalize disposition steps should the Bartersville purchase proceed. No dollar amount for the anticipated sale was disclosed, and staff characterized the deal as confidential. Commissioners also discussed the redevelopment commission’s priority to complete the wastewater-plant sale and to avoid paying for multiple appraisals that quickly become outdated.
The commission’s decision directs staff to contract with both appraisal firms and return with resulting appraisals as part of the disposition process. The commission did not set a specific reporting date; staff estimated delivery in three to four weeks depending on the firm.