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SRC May Use Eminent Domain on IV
(posted 9.22.09)
(updated 9.29.09)
International Village Apartments could be the first test case for the Speedway
Redevelopment Commission to use eminent domain. The commission voted 4-0
at their September 21 meeting to use eminent domain “if necessary against
the owners, Resource Real Estate VIP International Village LLC.
Commissioner Benny Grove read the resolution's findings of fact supporting
the commission's actions. The resolution cited unsafe living conditions
and the failure to repair items the town cited during inspections in 2008.
The property was described as a nuisance, causing a reduction of surrounding
property values. It stated the property drew complaints from residents
about criminal activities. Although the number of police calls were not
revealed, the resolution stated the property experiences more frequent
police runs compared to other properties in the area.
President Vince Noblet said that some property owners are unwilling to
change in the direction of the SRC's vision and “residents are tired of
waiting." “I think it is time to pass a resolution that we mean business,”
Noblet said.
The commission did not discuss the immediate ramifications to the tax base
if International Village is taken off the tax rolls by the SRC.
International Village currently pays $253,120 per year in property taxes,
more than Allison Transmission pays on its parcel at 4700 W 10th Street.
Allison filed a property tax appeal in 2008 that lowered its assessed value
from $19,416,000 to $10,604,300, reducing its tax liability by $182,000.
| Allison / Clutch Operating Company 2008 Taxes |
| PARCEL |
ASSESSED
VALUE |
ANNUAL
PAYMENT |
LOCATION |
|
|
|
|
| 9011619 |
$204,100 |
$4,770 |
4402 COSSELL RD |
| 9002138 |
$659,900 |
$15,421 |
4300 W 10TH ST |
| 9008473 |
$10,423,600 |
$243,590 |
4700 W 10TH ST |
| 9003720 |
$1,073,800 |
$25,094 |
5100 W 10TH ST |
| 9002148 |
$280,400 |
$6,553 |
4200 W 10TH ST |
| 9026763 |
$312,000 |
$7,291 |
4300 W 10TH ST |
| 9028067 |
$12,800 |
$299 |
4520 W 10TH ST |
| 9045913 |
$18,300 |
$428 |
5100 W 10TH ST |
| 9054579 |
$77,900 |
$1,820 |
Abandoned railroad |
| TOTAL |
$12,738,000 |
$297,675 |
|
Executive Director Scott Harris said IV had only a 35% occupancy rate this
summer when the commission tried to negotiate a purchase agreement. The
eminent domain action will also require town council approval.
Commissioner Ron Fisher requested an eminent domain resolution be drafted
by the next meeting for the Budget Inn property. Fisher said the closed
hotel is unsafe and the security fencing is inadequate to keep children
out from playing in the area.
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