New owners of former True Value building discuss restoration with council
Monday, April 15, 2013 12:02 PM
The new owners of the former True Value building in downtown Spring Valley discussed their plans and asked for a reduction in valuation during a Board of Review held prior to the regular Spring Valley City Council meeting on Monday, April 8.
The Board of Review provides a chance for local business owners and residents to address the council and Brian Hoff, a representative of the Fillmore County assessor's office, about the assessed value of their property.
Phil and Cyndy Sheldon were present to discuss the value of the former True Value building, which they just recently purchased. The building was damaged in the 2011 fire, which started in the basement.
"We are going to put a lot of money into the buildings and make them look like they did at one time." explained Phil Sheldon, "So, to get the fire damage fixed on the inside, new windows and doors I believe the value is too high for right now."
Hoff noted that after the fire he met with former owner Todd Jones to assess the damage and determine the value of the property. At that time it was concluded that the value of the buildings was $56,100, which was a 90 percent depreciation.
City Administrator Deb Zimmer advised the council that she had been reviewing what was going to have to be spent to rehab the property and she believed the property should be assessed at $30,000. She also noted as the owners repair and upgrade the buildings the value should go up accordingly.
The council agreed and the motion to lower the property value to $30,000 was approved.
After the approval the Sheldons explained their current plans for the property.
Right now they will be concentrating on the main floor, putting the apartment repairs on hold. Work will begin with the floor, which has fire, smoke and water damage. They plan to take out the false ceiling and restore the original tongue and groove ceiling. The wiring will also have to be completely replaced.
Cyndy Sheldon described the process as "overwhelming but very exciting."
They are planning on moving their business, Sheldon Plumbing & Heating, into the south part of the building, as well as renting some of the space on the north side. They've already had two people inquire about renting space from them.
"It's good to see that someone is going to be using the building again," said Mayor Jim Struzyk. "It's a good cornerstone for the town."