UPDATE: City agrees to buy property for $275,000 to build new pool

The El Paso City Council voted unanimously Tuesday to buy a piece of property in Central El Paso at a sale price that’s more than $150,000 higher than what the Central Appraisal District (CAD) values it.

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The city of El Paso will consider purchasing a piece of property in Central El Paso at a sale price that’s more than $150,000 higher than what the Central Appraisal District (CAD) values it.

The lot at 900 Radford Street will be used to build an aquatic center approved by voters in the 2012 Quality of Life Bond, the city’s real estate manager Guillermo Sotomayor said. CAD values the property at $113,865. The El Paso City Council on Tuesday is scheduled to vote on buying it for $275,000.

The 1.2 acre property has a single family home built in 1956 and is adjacent to Liz Morayma Gonzalez Park.

Sotomayor said the city had an independent appraisal summary done, and unlike the CAD’s valuation, this appraisal has to consider the best and highest possible use for the property. In other words, it has to value the property’s potential. In this case, the property could be developed, possibly into rental units, hence the higher value, said Sotomayor.

The city’s independent appraisal valued the property at $216,000. “We always offer the appraisal value and try not to pay higher than that,” Sotomayor said Monday.

He said the homeowners did not accept the $216,000 offer. At the end of negotiations with the homeowner, the sale price was set at $275,000.

Sotomayor said his department was willing to negotiate that price because the location of the property allows the pool to be right next to a park, better serving the community.

Sotomayor added the city was considering buying another site for the pool that was $1.2 million.

“We’re saving a lot of money by going with this lot,” he said.

Sotomayor said the land acquisition budget for the pool was set at $750,000 so the remaining funds could be used to build a better aquatic facility.