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Staff presents appraisal, business-value and public-safety cost analysis behind Monmouth-Block purchase
Summary
City staff showed a 39-page analysis estimating parcel appraisals at about $2.15M, business enterprise value at roughly $1M and annualized service costs at about $54,000—figures staff said support the city's $3.8M purchase offer.
City staff presented a multi-page analysis supporting the purchase, including appraisal totals, a conservative estimate of business enterprise value and a comparison of tax revenues to police and fire call costs.
Staff said the combined appraised value of the nine parcels was about $2,150,000 and estimated a conservative business enterprise value for operating businesses at just over $1,000,000. "Appraisal values of the 9 parcels is roughly 2.15," the presenter said, and later noted a business value "just over $1,000,000" based on tax receipts and a conservative multiplier for bars and nightclubs.
The presentation also included public-safety run data: staff averaged police and fire calls and calculated an annualized cost of service at about $54,000, which the presenter contrasted with approximately $60,000 in annual tax revenue from the businesses. The presenter said carrying costs if sites remain vacant were estimated at roughly $250,000 per year and that acquisition funds will come from existing city project and investment funds rather than borrowed money.
Provenance: appraisal figures and cost comparisons were presented in staff slides and cited during commissioner Q&A.
