My oath is not up for renewal.

Johnson County Board of County Commissioners have now disclosed that the King Louie Property is currently worth $850,000 assuming the demolition of the King Louie Building at an estimated expense of $400,000.

So let me get this straight.  We are still paying interest on the $3,600,000 that we have already spent and if we spend another $400,000 (making $4,000,000 total) we’ll have something valued at 21.25% of our investment?  Sound impossible, even for government? Here is what we discovered.

• Because the initial purchase was made with cash tax dollars, no one thought or were required to have an appraisal of the property. (Confirmed by KORA request)
•  The leasing bank failed their fiduciary responsibilities to acquire an appraisal to ensure the funds were secured by a like valued asset. (Confirmed by KORA request)

After nearly 3 years of public resistance/resentment following this purchase and repairs, JoCo BOCC is attempting again to legitimize this failure of due diligence. On December 18, 2014 the existence of an appraisal was made known in an attempt to justify even more money.

NOlathe executed a lawful KORA request and received this 100 page document dated April 9, 2014  201408FormerKingLouieAppraisalReportwithPIV  just a few highlights:

Page 38- “The improvements are in a shell condition, and it is not likely that the property can continue to support the existing improvements well into the future. The building itself has exhausted its useful life and has many characteristics that pose serious challenges for conversion.”

Page 47- “Our value of the subject property with the current improvements in place is $550,000. The value of the subject property as a cleared vacant site ready for redevelopment based on the land value estimated in the following section of this report, less the demolition costs of the existing building is $850,000. Based on these estimations, it appears the current improvements do not contribute additional value to the site. We have concluded the highest and best use of the subject property to be razing the existing improvements for redevelopment to a residential use.”

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So this 1959 steel and concrete building albeit iconic is wore out.

After $3,600,000 already expensed the property is only worth $550,000? But if we spend another $400,000 it might be worth $850,000?

One year ago we sued JoCo BOCC for violating The Home Rule Charter for the methods they used in replacing the County Mental Health Commission. Even though we had shown the JoCo BOCC two lawful methods to accomplish the same result, many felt we were anti Mental Health. So here we go again, many will believe we are anti Parks and Recreation.

My oath is not up for renewal every four years. Mine lasts a lifetime. Our next post will reveal more KORA information regarding this near panic to bring Parks and Rec in to King Louie January 2015.