(BEDFORD) – The Board of Works accepted the appraisals for the Bedford Development Property located at 405 I Street. This is the old Stonegate Building used by the city as a business incubator.
Due to the high costs of utilities and maintenance of the building the city is looking to sell the building and some parcels located across the street.
Brooks & Galloway appraisals came in as the following:
- Lots 1, 2, 3, & 4 – including the building – $85,000
- Lot 16 – $ 4,500
- With the remainder of the six lots at $6,000.
Mordoh appraisals came in as the following:
- Lots 1,2,3,4 – including the building – $575,000
- Lot 16 – $6,500
- With the remainder of the six lots at $10,500
There was a wide difference between the two appraisals.
Mordoh used Bloomington real estate prices for similar buildings as a reason for the higher appraisal for the property.
Brooks & Galloway looked at the age of the property and the deterioration of the building as a factor in the lowest appraisal of the property, according to Bedford Plan Director Brandon Woodward.
The Board of Works then approved to advertise bids for the building as well as three parking lots with a minimum bid of $356,000.
The remaining four lots can be bid on separately.
“We hope to get these properties back on the tax rolls soon,” said Bedford Mayor Sam Craig.