City appeals Docks appraisalWritten by Kristen Criswell | | email@example.com
As the city prepares to sell the property known as The Docks, it is appealing the area’s most recent tax appraisal.
David McDowell, commercial appraisal supervisor in the Lucas County Auditor’s office, told Toledo Free Press on Jan. 26 that the current tax value for the 10-acre parcel that encompasses The Docks is nearly $5.6 million. This does not include the building value of a venue used for a rowing club. The current tax value of the buildings that make up The Docks is $4,321,100; the land value for the 10 acres is $1,278,100.
McDowell said the taxes for some of the parcels are under a Community Reinvestment Act (CRA) credit, which is one of the reasons the property is detailed in a per-building scenario. Each CRA has a different expiration date.
He also stated that the Board of Revisions (BOR) had recently made a decision on an appeal filed by the City of Toledo seeking to reduce the appraised tax value on the property. If the city accepts the BOR decision, the 2010 value for the 10-acre property, including The Dock buildings, would be approximately $3.5 million.
AREIS Online records show Toledo currently owes $13,210.39 from first half and $17,599.04 for second half for property taxes on the the 10-acre property parcel. A payment of $26,779.98 was made on Nov. 29, 2010 for the first half and a previous outstanding amount owed from 2009.
The City of Toledo recently announced investors from China are interested in acquiring the property.
Dashing Pacific Group Ltd., an Ohio LLC established by the real-estate investors from China, has offered the city $2.15 million for The Docks.
“When you talk about economic development and being able to turn Toledo around you’ve got to have people who want to come to your city,” said Mayor Mike Bell during a press conference.
“We’re very, very happy about this particular initiative here.”
The mayor said the interest in the property is a direct result of relationships built during his administration’s trip to China.
City Council members have been given information about the agreement and will have their first reading of the proposed sale Feb. 1.
If City Council approves the sale, this will be the Dashing Pacific’s first investment in the United States, said Scott Prephan a representative for the group.
“I feel and the group feels, that this is just the start of what may prove to be a long term relationship well beyond The Docks, which will be of great benefit to Toledo and the region as a whole,” he said.
Prephan said depending on how the sale acquisition goes, Dashing Pacific could also be interested in other investment opportunities in Toledo.
With its purchase of The Docks, Dashing Pacific is interested in keeping the area a place with restaurants, but also plans to make improvements to the building’s structure and lighting, Prephan said. While rumors of a Chinese restaurant at The Docks have been floating around, the investors are not restaurateurs and will most likely fill the vacant spaces with local restaurants, he said.
It is most likely the property will be managed by someone local, Prephan said.
The sale only includes the property known as The Docks, but the city continues to market other properties it owns to both foreign and domestic investors, Bell said.
Toledo Free Press contributor Lisa Renee Ward contributed to this report.