Editor’s note: Because You Asked is an occasional feature in which The Gazette will answer readers’ questions about local news topics.
Q - Why does the Lyon County Commission sell property for its assessed value, but buy property for much more than its assessed value? The property at 618 Commercial St., which the appraiser had valued at $406,000, sold for $406,000. The Deer Trail Implement property near the fairgrounds was appraised at $288,610, yet the commission paid $345,000.
And why is the commission planning to keep the property separate from the fairgrounds?
A - “It’s probably the willing buyer-willing seller situation,” Commission Chairman Marshall Miller said.
The property on Commercial sold for its appraised value, Miller said, but the $406,000 includes use of office space by the Lyon County Extension Service.
“Rent for Extension is taken care of for the year,” he said. He added that TFI Family Services (formerly The Farm, Inc.), which purchased the building, had planned to move the majority of its local office staff to Topeka and that the sale had salvaged those jobs and income for the Emporia area.
“That was another incentive to sell to The Farm,” he said.
Miller said that the Deer Trail building and land is “prime commercial real estate and it might well bring above that” if sold on the open market.
Deer Trail property is not expected to become part of the fairgrounds to avoid a potential problem with ownership. The fairgrounds property, which was donated by the E.T. Anderson family, carries a stipulation that would entitle the Salvation Army a claim if the property is sold.
Miller said that the close date for the Deer Trail purchase is Dec. 1.
County Appraiser Gary Post said that both properties were appraised in February 2006 and assigned fair-market values “assuming willing buyer, willing seller.”
He said, however, that sale prices often deviate from appraised values when public bodies, such as schools and city or county governments, are involved. Those public bodies have authority to condemn land through eminent domain, a civil proceeding generally considered a last resort. Increasing the purchase price can avoid that civil action.
- Readers are invited to submit questions to The Emporia Gazette, Drawer C, Emporia KS 6680. Questions must be signed and have a phone number in case additional information is needed. Names will not be revealed.