Article from the Fargo Forum
time to pour some out.
Building bids try to find happy medium
By Jonathan Knutson
The Forum - 07/12/2004
The city of Moorhead is preparing buyout offers for four downtown businesses on Fourth Street South.
City officials aren't disclosing specifics, but said building owners generally will be offered 10 percent to 20 percent more than the assessed value of their land and building.
The four buildings and their assessed values are:
E Atomic Coffee, 15 4th St. S., $31,300.
E Rita's Moorhead Beauty School, 17 4th St. S., $62,100.
E Farmers Insurance Group, 19 4th St S., $43,400.
E Ralph's Corner, 21 and 23 4th St. S., $129,000.
The total assessed value of the buildings is $319,500. The city's combined offers for the properties would be $348,150 at a 10 percent premium to assessed value and $379,800 at a 20 percent premium.
The size of the actual offers will be based on a f ormula that includes the building's size and condition and the sales price of nearby buildings that sold recently, said Peter Doll, the city's manager of developmental services.
"The offers will be on a case-by-case basis," he said. "Just because one business gets a certain price doesn't mean the others will."
The city is trying to develop offers fair to taxpayers and the businesses, Doll said.
"We don't give away the farm. We don't steal the farm."
Businesses also will be offered relocation assistance. The amount will vary, depending on the nature of the business.
Money for the buyout offers will come from a city downtown development fund.
The city expects to recoup funds through state or federal grants or sales of city-owned downtown land to private developers.
Readers can reach Forum reporter Jonathan Knutson at (701) 241-5530
Building bids try to find happy medium
By Jonathan Knutson
The Forum - 07/12/2004
The city of Moorhead is preparing buyout offers for four downtown businesses on Fourth Street South.
City officials aren't disclosing specifics, but said building owners generally will be offered 10 percent to 20 percent more than the assessed value of their land and building.
The four buildings and their assessed values are:
E Atomic Coffee, 15 4th St. S., $31,300.
E Rita's Moorhead Beauty School, 17 4th St. S., $62,100.
E Farmers Insurance Group, 19 4th St S., $43,400.
E Ralph's Corner, 21 and 23 4th St. S., $129,000.
The total assessed value of the buildings is $319,500. The city's combined offers for the properties would be $348,150 at a 10 percent premium to assessed value and $379,800 at a 20 percent premium.
The size of the actual offers will be based on a f ormula that includes the building's size and condition and the sales price of nearby buildings that sold recently, said Peter Doll, the city's manager of developmental services.
"The offers will be on a case-by-case basis," he said. "Just because one business gets a certain price doesn't mean the others will."
The city is trying to develop offers fair to taxpayers and the businesses, Doll said.
"We don't give away the farm. We don't steal the farm."
Businesses also will be offered relocation assistance. The amount will vary, depending on the nature of the business.
Money for the buyout offers will come from a city downtown development fund.
The city expects to recoup funds through state or federal grants or sales of city-owned downtown land to private developers.
Readers can reach Forum reporter Jonathan Knutson at (701) 241-5530