City to Possibly Sell $30 Million Worth of Property
Friday, March 16, 2007
The cash-strapped city of San Diego will put $30 million worth of properties up for sale, but they won’t be going on the auction block. KPBS reporter Alison St John has more.
The mayor’s goal is to raise $100 million over the next five years by selling off what the city deems to be surplus property. The first 22 properties, worth an estimated $30 million, include five single-family homes, several commercial buildings, some vacant lots, and a high rise office building.
Sanders says rather than auctioning them off, as in the past, the city will hire brokers to get the best possible price for each property.
Sanders : This is not a fire sale, this is not something we are unloading. This is something we’re going to approach in a business-like way -- and if we can’t get the price that we think is reasonable, we won’t sell the property. We can wait.
The money from the sales can only be used for capital projects and deferred maintenance. The city’s deferred maintenance backlog for streets alone is $300 million.
The city council will vote on the proposal in June. Alison St John, KPBS News.