The mayor ignored the appraisal district's $600,000 market value assessment when he pushed the building's $2,3 million purchase, ignored that the appraisal being relied on had been rejected two years prior and that it was now obsolete. He ignored that the appraisal did not rely on typical competing retail properties similar in location and size as La Casa de Nylon, which discredited the value reported and was the reason the appraisal report was rejected when I was mayor.
|La Casa del Nylon|
Now compare La Casa de Nylon to the Mercantile Bank purchase with more land, parking and building space for the same price.
Now the City Commission proposes to conver La Casa de Nylon to a fire training facility in a retail district, which is not in conformity with the land use and traffic density.
The city justifies putting more money into La Casa de Nylon because it spends $130,000 to send 19 firefighter cadets to Houston for training over a two year period. The city says it can save $70,000 by training them at La Casa de Nylon site, but it will take 123 years to recoup the $4.3 million invested, which includes the $2 million to convert the building to a fire training facility and assumes 19 firefighters are needed every two years.
Does the city need to be in the real estate and fire training business?