If one appraisal on the Blue Building is good, two must be better.
The city’s Building and Grounds Committee has approved obtaining two appraisals in an effort to place a value on the Blue Building and its property.
“I don’t see a reason why we couldn’t have two appraisals,” said Alderman Steve Harvey. “Let’s get two different opinions.”
Because state law does not require a request for proposals on professional services, named specifically to conduct those appraisals were William Haston Sr. out of Sparta and David Mainord out of Cookeville. Both are commercial property appraisers.
“The last one that we had was in 2008,” said Harvey. “He gave what the land was worth and then deducted what demolition would be if you demoed the building and that final number was what it was worth.”
In 2008, officials hired Haston who set the value at $1.3 million and cost to demolish the building at $500,000 for a total value of $850,000. The Blue Building sits on 4.76 acres, according to county property records.
According to Haston’s report, he found structural problems, severe termite damage, insect and rodent infestations, water damage, and many deferred-maintenance and age-related problems.
“The building would require expensive improvement such as sprinkler system, fire walls, adequate exits, elevators and other disabled/ handicapped required construction,” the report said. Haston set restoration cost at more than $6 million — main building $3.4 million, auditorium $508,058, gymnasium $1.8 million, architectural and engineering fees $343,831.
When the cost was compared to the local real estate market, Haston discouraged restoration. “After inspection of the subject property, and a review of the local real estate market in the city of McMinnville, it is the opinion of the appraiser that from a business perspective, it would not be financially feasible to renovate the building.”
Building and Grounds Committee members unanimously approved hiring two appraisers with the cost not to exceed the committee’s spending limit of $10,000. Both William Haston Sr. and David Mainord will be contacted to see if they would be interested in performing that work.
