Associated Press, Published January 22 2013
Plans to sell Valley City Auditorium on holdVALLEY CITY, N.D. — Plans to sell the City Auditorium in Valley City have been put on hold after an assessment determined the building was worth less than expected.
The Times-Record reports that the City Commission decided last November to sell the building to a developer who wanted to turn it into apartment buildings — an investment estimated at $1 million.
Because the historic 1936 building is in a flood plain, federal regulations prohibit anyone from making an investment unless the building is worth at least what the investor puts into it. The City Auditorium was assessed at only $178,500.
City Administrator David Schelkoph says officials have not determined how to proceed.
Information from: Valley City Times-Record, http://www.times-online.com
Copyright 2013 The Associated Press.