Properties Appraised

(posted Mar 4)

Three invoices for appraisals conducted in January were submitted by Integra Realty Resources to the Speedway Redevelopment Commission. A complete summary appraisal report for the Speedway Gas Station located at 4743 W. 16th Street was $5,500.

The complete summary appraisal for Speedway Monogramming, at 4601 W. 16th Street, was $4,500. Business owner Susan Luebbert did not know her business had been appraised. On November 15 she was contacted by appraiser Lisa Spees who requested to have interior access for an appraisal. Luebbert denied her access because she was under the impression that she would not be affected by the redevelopment because her property is not on the acquisition list. She plans to turn her store front to face south once the proposed realignment of 16th Street is completed. A summary appraisal for Church’s Chicken at 4850 W. 16th Street was $4,500.

In other billing matters, SRC claims reported a bill from the Speedway Lions Club for $26,559 for advertising rights to the cover of the Speedway phone book. The SRC used the directory to showcase the Speed Zone master plan. The expenditure was accompanied with a note stating a portion would be reimbursed by American Structurepoint, but the note does not say the amount.

In the Town of Speedway's 2007 annual report, the redevelopment commission had a beginning cash balance of $2,113,125.59, receipts of $1,902,918.20 and disbursements of $1,714,161.84, with an ending balance for Dec 31 of $2,301,881.95.