Citizen Questions Why the City Overpaid for Lacey's Property.

To all COLA LO Members,

This week in the LO Review a local citizen wrote in asking why the city overpaid for the Lacey's property and they cite the county assessors RMV - Real Market Value in the letter to the editor.   It makes for interesting reading when you review the City's response. Interesting that the city again pays more than RMV for a property.    The article is below and can be found at: Why pay so much for Lacey's

Does this sound like the WEB all over again?   We leave it to the readers to decide as we proceed to the 2012 elections.  

Article Text

Question raised about city’s payment for Lacey’s property

To the Editor:

Why did the city of Lake Oswego agree to an option to buy the Lacey’s property for $2.35 million when the Clackamas County Assessor’s office places its true market value at $835,816?

Ruth Hamilton

Lake Oswego

Editor’s note: Christine Kirk, the public affairs manager for the city of Lake Oswego, responds:

“The Clackamas County Assessor’s Real Market Values are derived from a complex sales analysis calculation and rarely match actual sale prices. For example, 500 First St. sold for $2.1 million in 2006, when the Assessor’s Real Market Value was $760,470. The Lake Oswego Redevelopment Agency Board approved the two-year option price for 500 First St. considering a number of factors: 1) the corner property is a pivotal parcel for assembly of a First Street North Anchor site for a mixed-use library project; 2) the current owner paid $2.1 million for the property in 2006, and was unwilling to sell it for a loss; 3) the owner agreed to forego a pending private long-term lease.

“For more information, such as the Feasibility Studies and North Anchor Acquisition Plan, please go to www.ci.oswego.or.us/redevlop/future.htm. Also, see Clackamas County Assessment and Taxation Frequently Asked Questions at www.clackamas.us/at/faqs.htm#12.”