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Associated Press, Published January 22 2013

Plans to sell Valley City Auditorium on hold

VALLEY 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.

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Information from: Valley City Times-Record, http://www.times-online.com

Copyright 2013 The Associated Press.