One of our LDV troops did a little checking on the value of the Duluth Hotel. She reports:
The School District just bought a piece of property that according to the St. Louis Co. Auditor’s site sold in 1996 for $270,000 and then in 2001 for $250,000. (Yes, $20,000 less). There are 3 “buildings”: a motel, a 572 sq ft house, a parking lot. The tax capacity is $8,127. . .
About 20 years ago Edina Realty was in trouble with the state when they represented both the buyer and seller. Who in the heck does F.I. Salter represent? Certainly not the taxpayer. Good time to drop the city councilors a note that this hotel deal must have slipped their minds last week when they made their case for 4th street to be vacated and Keith Dixon and told them they didn’t know how they would use the street. . .
But during a national mortgage crises a couple being crushed by their property were able to get over $400,000 (a $150,000 profit) for a property the District never wanted? Their profit equals the cost of three new teachers.
