Taxpayers in Palmetto must wonder

I am not a Palmetto taxpayer, but if I was I know what I’d be asking myself:

What is the deal with the old CBI Building at 924 Fifth St.?

Three years ago, the Palmetto Community Redevelopment Agency purchased the property with $764,500 of taxpayers’ money.

Said it was blighted and the CRA hoped a buyer would turn it into a boon for the Main Street business corridor.

Then the economy tanked and nothing came of it.

So Thursday, the CRA approved its proposed sale to a developer.

For $100,000.

Say what?

Math was never my strong suit, but I can count that high.

A $664,500 markdown on property originally paid for with public funds?

Sorry.

It doesn’t add up.

Bully for the physicians who were the only bidders for the property and say they’ll transform it into medical office space, an art gallery and maybe a shop for antiques and artisans.

It’s a steal, all right.

I drove by it Friday.

It’s a large metal warehouse covering 12,000 square feet with a big fenced-in lot overgrown with weeds.

Place needs work.

But it didn’t look like fire sale merchandise.

Looked like property that would fetch more than $100,000, even in this economy.

Twice that, at least.

Of course, neighbors like Growers Hardware, the Olympia Theater and the Manatee River Assisted Living have probably been waiting for something, anything, to happen on that corner.

Still, Palmetto taxpayers have to wonder what is going on here.

This is a giveaway.

What’s more, the people making the decisions on this transaction as the CRA are the same people on the city commission, which took over the CRA last February.

Protecting Palmetto’s taxpayers, they said.

Right.

Those taxpayers will get a chance to speak up at two public meetings that must be held before the deal is signed off.

It is definitely not what they’d call getting enough bang for their buck.

More like getting a bath.

Mannix About Manatee, by local columnist Vin Mannix, is about people and issues in Manatee County. Please call Vin Mannix at 745-7055, write him at Bradenton Herald, P.O. Box 921, Bradenton, FL 34206 or e-mail him at vmannix@bradenton.com. Please include a phone number for verification.