The city has appraised the property at $170,000 or about $3.90 per sf but Stock and his staff are on record as saying the purchase price will be higher. They are providing no explanation for the higher price at this time.
Stock and his staff couldn't be reached at GlobeSt.com's publication deadline to learn the contracted price.
The site of the ATC-Diversified Electronics structure at 1511 E. Main St. will be developed as a $5.5 million new police station that will house a staff of 90 officers and support staff. Construction is tentatively scheduled to start by year end and be completed in early 2003.
Area real estate lawyers tell GlobeSt.com on condition of anonymity the city had planned to condemn the Main Street location and seize the property under the state's eminent domain law. But city officials rejected that idea after learning court costs and lawyers' fees to fight the seizure would probably exceed the $170,000-plus purchase price, area lawyers tell GlobeSt.com.
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