Two recent appraisals for a Jackson Street property that Columbus Parks and Recreation is buying to use as a storage facility show large drops in value after environmental contamination on the property was revealed.
The appraisals, conducted in June by Appraisers Inc. and Valbridge Property Advisors, estimate that the former Machinery Moving Inc. site, located at 1360 Jackson St., is worth between $158,000 and $230,000 — approximately $95,000 to $157,000 less than it would have been worth if the environmental contamination was not there, according to public records.
On Wednesday, the Columbus Parks Board voted to purchase the property for $205,000 in six annual installments of $34,166.67. The property is owned by Columbus Mayor Jim Lienhoop’s aunt. Lienhoop has recused himself from all negotiations or decisions about the building and has repeatedly referred all questions about the transaction to parks officials handling the negotiations.
For more on this story, see Saturday’s Republic.
