Greenwood pays more than expected for downtown homes, buildings

<p>Greenwood will pay more than expected to buy six more downtown properties.</p><p>The city’s redevelopment commission on Tuesday approved spending about $525,000 to buy or split the cost of six dilapidated properties in the city’s center.</p><p>City leaders want to rehab one and demolish the rest for other uses, such as drainage and more downtown parking. The properties will be paid for with a mix of tax-increment financing and storm water department money.</p><p>After two appraisals, a house at 247 W. Pearl Street was estimated to cost about $102,500, but will instead cost the city $112,500.</p><p>A building at 198 E. Main Street was estimated to cost $100,000, but will cost the city $110,000.</p><p>And the building directly behind it, at 166 S. Washington Street was estimated to cost $147,500, but will cost the city $162,250, a 10 percent increase.</p><p>A small house at 275 E. Main Street, which the redevelopment commission will split the cost of with the stormwater department was expected to cost $81,000, but will cost $91,500.</p><p>The stormwater department will pay the appraised value for 410 and 412 Broadway Street, a total of $140,500.</p><p>The total cost of the three properties the redevelopment commission is paying for entirely was appraised at about $350,000.</p><p>Members of the redevelopment commission waited to see final offers on the four properties they are allocating funds for before they approved it.</p><p>City staff warned them negotiations would likely increase the cost of the properties significantly.</p>