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Earlier during Thursday's meeting, Dave Relos, an economic development planner for the city, updated the commission on the status of the former College Football Hall of Fame building.
The city is appealing the tax assessment for the building in the hopes of making it more attractive to prospective buyers. Though it was commercially assessed at $2,687,500, the building is worth $6,022,600 according to tax records. Although the property would be reassessed after a sale, Relos said buyers might be dissuaded from purchasing
the building if they thought they might have to pay a higher property tax.
the building if they thought they might have to pay a higher property tax.
"If you were interested in buying a property, you would want that assessment value to be the market value," Relos said. "We feel it's overassessed."
a property, you would want that assessment value to be the market value," Relos said. "We feel it's overassessed."
Relos said he did not know why there was such a large gap between the two different assessments.
The city will accept proposals for the Hall of Fame building until July 31.
