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Redevelopment commission approves up to $6,000 for two appraisals of 101 New Albany St.
Summary
The commission authorized a not-to-exceed amount of $6,000 to obtain two appraisals for the vacant lot at 101 New Albany Street (former police station), to be paid from TIF funds, as a preliminary step to potential disposition.
The commission authorized staff to secure two independent appraisals for 101 New Albany Street, the vacant lot at the former police station site, with a not-to-exceed total of $6,000.
Staff explained the parcel is a vacant lot adjacent to the meeting site and that two appraisals are a standard step before any disposition or redevelopment decision. Chair asked for a typical cost and staff suggested $2,500 per appraisal as a baseline but recommended an NTE of $6,000 to avoid amending the approval later. Staff confirmed the expense can be paid from TIF funds.
Commissioners discussed whether the town planned to sell the parcel — staff said that was a possibility but no final decision had been made; the appraisals will inform next steps.
