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SEP 24 1,91 <br />BOOK G 4 PA,c 4' <br />view; this is what is known as a "long corner;" you have time to <br />plan your entrance into it; it has excellent access; and it is a <br />superior parcel to those just mentioned. All 3 parcels are <br />12,000 sq. ft. The Schlitt parcel has a 6,688 sq. ft. building <br />33 years ohd, and Mr. Stegkemper claimed that taking the <br />building value away, the site was worth $106,000 or $8.52 a <br />square. foot. Taking the building value away from the sales price <br />of the Limberis property, you have a land value of $162,750 or <br />$13.02, and you paid 53% more for that site than for the Schlitt <br />piece. Mr. Stegkemper continued to review his figures and <br />calculations at length, and stated that he does think they could <br />go to court and ask for $361,000 and get that figure, but Mr. <br />Hubbard has indicated he would sell at $350,000. <br />Administrator. Chandler clarified that the Schlitt building <br />was appraised at $355,000, and we acquired it at $353,000, or <br />slightly below appraisal. Qn the Limberis property, our highest <br />appraisal was $300,000, and we acquired it at $380,000. That was <br />the highest of all the properties we acquired in terms of <br />percent, being 25.7% above our high appraisal. The second <br />highest was the Moore property which was 24.9% over. <br />Chairman Bird wished to know the size of the Hubbard <br />building and what it would lease for per year. <br />Mr. Stegkemper advised that it is 2,500 sq. ft. and has been <br />leased at an annual income of $37,.300 for some years, but <br />Chairman Bird believed that was to Mr. Hubbard's son and he was <br />not sure it was an arm's length lease. <br />Mr. Stegkemper continued to discuss properties in the area <br />which rent at $13 per sq. ft. <br />Chairman Bird felt somewhere in the $8/10 range would be an <br />average figure. <br />Discussion continued re comparison of figures, and Chairman <br />Bird recapped that we have a current appraisal at $240,000, an <br />offer from the County of $312,500, and the seller wants $350,000. <br />Commissioner Scurlock noted that he personally has met with <br />Mr. Stegkemper to discuss this, and he believed other Commis- <br />sioners have also. He frankly has to side with staff as he <br />believed they have done a great deal of analysis. <br />ON MOTION by Commissioner Scurlock, SECONDED by Com- <br />missioner Eggert, the Board unanimously directed staff <br />to remain with our offer of $312,500 for the Hubbard <br />property. <br />56 <br />