The YMCA — Waste of Public Funds, Malfeasance
The Spokane County assessor in 2009 assessed the YMCA property at $5,230,000. Of that $1,246,000 represented land, the remaining amount represented improvements of $3,984,000 — land was 24% of the value. Of the $5,300,000 YMCA purchase price, about 76% represents improvements or $4,028,000.
Our elected officials are going to tear down the improvements, demolish them. To do so, they will have to spend another $850,000. In the end, the building will be demolished and trucked away. In terms of dollars, $4,878,000 vanish. The value destroyed will not increase the value of the land The value of $1,246,000 will be a constant. So, in the end, our elected officials will have spent $6,150,000 to gain an asset worth $1,246,000.
There is something very wrong here.
It is wrong to use Conservation Futures Tax revenues for the purchase of this particular property. The laws simply do not allow it. But there is something worse, terribly worse, – certain of our elected officials are intent on simply throwing away some $4,878,000. Is it reasonable to think they can do this?
Does anyone think that the members of the Spokane City council could pass a law that said they could stand on the banks of the Spokane River and, one by one, burn 4,878,000 dollar bills obtained from the public treasury in celebration of a public display of affection for Riverfront Park?