Friday, June 01, 2012

Is sale of TPD Northwest District Station a good deal?

Toledo City Council will have the sale of the Northwest District Police Station on their agenda June 5. The agreed-upon sales price is $270,000 with $18,900 of that going to the broker. The city listed it at $295,000.

So we're going to net $251,100.

Not bad, you might think ... until you realize that the building originally cost us $737,000.

From a Jan. 3, 1997 Blade report:

The building's price tag will be about $737,000, or $456,000 to buy the building and grounds, $14,000 to pay for the architect, and $267,000 for the construction work,...

Granted, the purcahe was in 1996 and it included remodeling, but still - is 34% of our original investment the best we can do? Even when you look at the original cost of just the building and grounds, we're getting a little bit more than half of what we paid.

Maybe in this economy that's all we can hope for. Don't get me wrong, I'm glad the city is selling unneeded property, but it raises the question about the value of other property the city has on the books and the likelihood that we'll ever recoup, in the future, what we've spent in the past - or even today.

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