Source: Grosse Pointe News Online

Review of bank value under way

by Brad Lindberg Staff Writer

June 13, 2013

CITY OF GROSSE POINTE — An independent appraiser is being retained regarding disputed value of a bank building in the Village.

“Because this is a significant commercial property in the city, and there is a large amount at stake, the city needs to retain a third-party appraiser,” according to a report by Charles Kennedy III, attorney for the City of Grosse Pointe.

At issue is Flagstar Bank’s petition to the Michigan Tax Tribunal seeking to reduce the value of its two-story building on Kercheval at the corner of Cadieux from $2,326,000 to $500,000, according to Kennedy.

The city council this week unanimously approved retaining Allen & Associates for $5,000 to appraise the property for the 2012 and 2013 tax years.

“In the previous two cases where the city submitted high-quality third-party appraisals, CVS and Comerica Bank, the petitioners dismissed their petitions,” Kennedy said.

— Brad Lindberg