In regard to the PFF Old Bank Building, “What a gutsy move…”
“There will be an economic loss, there is no question, to the taxpayers…”
Riverside officials say they expect to recover only a portion of the $49.44 million that the former redevelopment agency spent to buy 80 pieces of land that are now up for sale.
Some residents are frustrated by the predicted loss and critical of the former redevelopment agency for buying parcels and letting them sit idle, in some cases for six or seven years.
But redevelopment supporters argue that buying the properties allowed the agency to eliminate crime-ridden or rundown houses and businesses, benefits it’s hard to put a price on.
Under the state law that ended redevelopment, the city is required to put the bulk of its former redevelopment agency’s assets up for sale. Now officials are trying to sell 80 properties, broken into 26 groups of one or more parcels.
The city made a deal earlier this month to sell a parcel on Magnolia Avenue for $550,000. The redevelopment agency had paid $1.82 million to buy the land in 2007.
The sale price of other properties likely won’t be known until the city has them appraised.
“There will be an economic loss, there is no question, to the taxpayers of Riverside,” Councilman Mike Gardner said at a May 8 council meeting.
BY ALICIA ROBINSON
22 May 2012
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