[Vision2020] who will bid on the Federal Building?

[Bill London]

The issue of the ownership of the Federal Building is a big deal for downtown Moscow.  What are the chances Doug Wilson will grab it?    
BL

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Federal Building going to auction block
By Brandon Macz, Daily News staff writer | Posted: Thursday, July 19, 2012 1:00 am 



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Whether Latah County or a private interest will acquire Moscow's surplused Federal Building is uncertain, but the gauge will be set next month when the General Services Administration places the property up for public auction.

A banner advertising the online public auction will be attached to the roof of the Federal Building Friday, said Andrew Schwartz, a realty specialist with GSA's disposal division heading up the property's sale.

GSA declared the building surplus in November, citing limited revenue, a lack of tenants and $3 million in needed improvements.

Latah County commissioners had attempted to negotiate with GSA to purchase the building, but were unsuccessful in persuading the federal agency to significantly lower its $1.9-million price tag and take a $300,000 offer.

The county leases more than 4,000 square feet of office space there.

Commissioners decided May 30 - a day before the deadline set by GSA for the county to up its offer - to attempt to acquire the building at auction.

Schwartz said the 60-day online auction starts Aug. 7, and could be extended depending on bid activity.

"The bidding is sort of the driver for when the auction will actually close," he said. "There's a great deal of potential bidder interest."

Prospective bidders will have to pay a refundable deposit to participate and a starting bid amount will be set, however, Schwartz said these costs likely won't be set until next week.

"If the opening bid's $1.9 million, I'm going fishing," said Latah County Commissioner Tom Stroschein during Wednesday's commission meeting.

Commissioner Dave McGraw said the commission is focusing first on setting the 2012-13 budget and trying to provide a salary increase for county employees.

B.J. Swanson, who had been brokering negotiations with GSA for the county, said she believes the federal agency will set its minimum bid at 10 percent of the property's valuation - also set by GSA - based on researching other government auctions.

"I know there have been other people in the building looking around," she said, "but whether they'll bid, I have no idea."

Once GSA closes the auction, the winning bidder must provide 10 percent of the bid amount within 10 days with an average 90-day closing date, said Schwartz.

Schwartz will be giving prospective bidders tours of the Federal Building at noon, 1 p.m. and 2 p.m. on Aug. 2 and Aug. 9 starting at the entrance.

To follow the auction once it opens, go to realestatesales.gov.


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