New appraisal on Main: No need for eminent domain? | Arkansas Blog

Wednesday, October 28, 2015

New appraisal on Main: No need for eminent domain?

Posted By on Wed, Oct 28, 2015 at 9:37 AM

click to enlarge The Mays building, at 415 Main St.
  • The Mays building, at 415 Main St.
The Little Rock Technology Park Authority has received an updated appraisal of 415 Main St., a two-story, 3,500 10,020-square-foot office building owned by lawyer Richard Mays, that puts its value at $670,000. 

A previous private appraisal had put the property's value at between $470,000 and $530,000. However, the Pulaski County Assessor's office had appraised the property at $651,250, and Mays has been paying property taxes based on that appraisal.

At its last meeting, Authority board member Dickson Flake reported that the board and Mays were far apart on the value of the building, which the Authority wants to buy and refurbish as part of the technology park. The board decided to meet Nov. 2 if no agreement had been reached and consider whether to file an eminent domain action against Mays. The legislation creating the Authority gave it the power of eminent domain.

The board has reached an agreement on adjacent buildings owned by Warren Stephens: the Exchange Building at Fifth and Main, and two properties on either side of Mays, the Annex Building and the lot where the Center Theater once stood. For those properties, plus the old Stephens Building at 114 E. Capitol, the "Keith Lot" at Scott and Capitol, and the West Main Street parking lot between Fourth and Fifth, the park and Stephens have agreed on an $11.6 million buying price.

The appraisal was made by John Larrison. Mays is to submit an independent appraisal. 

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