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December 12, 2012
Aurora, Colorado - A deal that is being considered by the City of Aurora in Colorado is raising not only questions but eyebrows across the community. The City of Aurora is reviewing a deal to purchase an abandoned commercial property from a Denver-based businessman that could potentially cost the taxpayers $2.75 million.
Though the sticker price is not what is raising eyebrows: the commercial property ? once used for discount shops ? has sat vacant for nearly 30 years and has an assessed value of $77,000. Why would the City of Aurora consider paying nearly 39 times the value for a property that has contaminate issues including asbestos?
Perhaps the answer lies in the relationship the Denver-based businessman has with the City of Aurora. According to The Denver Post, Herbert Buchwald is ?politically influential? individual who may have had some sway in the assessment of his abandoned commercial property.
The discrepancies in the assessed value and the proposed sale cost begin with an appraiser valuing the property for 13 years at $450,000. However, the appraiser did not technically value the property at $450,000. Buchwald did. Until the appraiser reached his ideal assessed value, Buchwald objected to the appraiser's values.
In another twist, an appraiser hired by the City of Aurora determined that the property is not worth $450,000 but $77,000.
So, where did the $2.75 million price tag come from?
The City of Aurora believes that despite the derelict buildings, the land is quite valuable and would be a great urban renewal project. At that price, the City of Aurora assumes all of the cost associated with removing the asbestos and other contaminates, demolishing the structures and readying the land for necessary redevelopment.
Environmental studies of the site have been ordered to determine the extent of the asbestos and other contaminates present but the appraiser hired by the City of Aurora ? who set the $77,000 value of the property ? noted that there is comprehensive contamination.
Asbestos is a set of naturally occurring minerals that is highly carcinogenic. Asbestos exposure is the leading cause of mesothelioma, a rare form of cancer than can affect the lining of the lungs, heart or abdominal cavity.
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