03-08-10 Special Called Regular Meeting of the Fiscal Affairs Committee minutes

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The reasons for rny cornplaint concerning the attached appraisal by Stephen .L Bilicek on 3/11/08 are as follows: Thr(~e of the 6 cornparable properties used to E'stablish the value of this lot were pending sales (2 of which occurred on 3/11/08 according to the appraiser). Further, these pending sales were provided to the appraiser by the same individual, Garson Silvers, the owner and seller of tht:: appraisal subject fltriangIE:/l land to the City of La Porte.. It is rny belief that these "pending" land sales, which never were cornpleted were done solely to provide false data to improperly inflate the appraised value of the subject "triangle" property. Though two of these pending sales were not used in the direct calculation of the appraised land value, thE' actual land sales were adjusted by large factors of 133% with out good explanation. This was done despite the notation that the land was in a triangular shape, rendering it less useful for building and despite the fact that the previous use of tht':: land had been a gas station, with, as might be expected. buried, leaking fuel tanks requiring remediation, Obviously, there was ilnproper collusion between the seller and the appraiser, and this could not have been accepted without the collusion of the buyer" the City of La Porte Economic Development Corp. Ultimately, the appra ! gave a value for this property of $5 50(} The appraiser says that the triangle had contained buried fuel tanks.. which were reportedly removed previously, according to the seller. This statement was not true, as it was known at the time by the St?lIer that the tanks were there and the City of La Porte bought this land has is" Further f the City of La Porte paid three tirnes this very questionablf: appraised va!ue--wa selling price of $150,000 paid by the taxpayers of La Porte.