The Tuesday, October 7, 2014 city council approved the purchase of a private residence and the land surrounding it to provide a place for the aquatic center that we authorized as part of the 2012 bonds.
The city approved spending $275,000 for the property. The property is valued at $113,865 by the central appraisal district.
City staff tells us that the taxpayers are getting a good deal.
How can that be? Is the central appraisal district wrong here? Has the property owner been benefiting from a low valuation?
Is the city giving our money away?
Good choice
It looks like the city is actually right here. The property is adjacent to an existing city park. That will allow them great flexibility when configuring the aquatic center into the combined properties. The center will be close to the North/South freeway and thus be quite accessible.
The central appraisal district has the land valued at $1 per square foot. They have the surrounding properties valued at about $1.50 per square foot.
The city could have used its power of eminent domain to take the property. I’m glad they did not.
Maybe lightning struck here and the property owner just won the lottery. Obviously the land is worth more than it is on the tax rolls for.
We have to wonder how many other undervalued properties we have on the tax rolls.
We deserve better
Brutus
elpasospeak 
Depending on the current condition of the home and use of the property as a residence a fair CAD value may have only been $113K.
The purchase price was based on an appraisal for best use of the land not the current use.
If the property is rezoned and the residence were to be raised and redeveloped say as an apt complex (which is probably the highest best use of that property) then the valuation would be higher because of the use i.e. commercial income generating
Even though it was purchased for a public use the purchase price is intended to make the seller “financially whole” .
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