Thursday, 10 October 2013 00:00
Two months ago the vote to sell the property known as Pascucci Soccer Field was tabled. At this time it appears the deal is dead and the proposed buyer has moved on.
Before closing the file I reviewed Exhibit A of the contract (The Property) which lists all of parcels 1091, 1092 and 1093 and a portion of Parcel 611 which are shown as “Subject Site” on the map which is commonly known as the Soccer Field Property off Glen Street.
In checking with our assessment office I discovered that total assessed value for these lots is $3.8 million dollars. When the Mayor spoke about the deal he stated that it would have been a great deal because the property was appraised at $1.7 million and the city would be getting $2 million for the sale of that land.
I mentioned my findings at the next council meeting and was told that the parcels listed on the contract were incorrect. We had come close to approving a contract for the sale of property that had the incorrect lots listed!
My next request was to review the written appraisal. One would assume that this document was an important part of the folder for this transaction. I requested the documents from the city attorney in front of the public and was told they would be sent to me. Two weeks later and after multiple requests I finally get the appraisal but not before the Mayor tells me that an appraisal for the exact subject site dimensions was never done. The appraisal which the city had was for lot 611 and 612 of which only parts of them would be the subject site.
Let’s review what we have.
A contract of sale which lists incorrect lots.
An appraisal requested by the city which did not specify the exact dimensions of the lots being sold.
The city’s assessed value on lots 611 and 612 is $4.3million.
The appraisal on these lots is $2.72million.
Makes you wonder...