Wednesday, May 10, 2017

St. Francis Hospital assigned higher value

Posted By on Wed, May 10, 2017 at 1:00 PM

click to enlarge St. Francis Hospital, closed since 2010, has a new valuation. - PAM ZUBECK
  • Pam Zubeck
  • St. Francis Hospital, closed since 2010, has a new valuation.
In the latest edition of the Independent, you can read about how the value for tax purposes of a property just east of the downtown area changed after El Paso County Assessor Steve Schleiker took a second look.

From the report:
The value of an old hospital just east of downtown Colorado Springs skyrocketed after El Paso County Assessor Steve Schleiker undertook a special review in response to revelations reported by the Independent a year ago about details of its 2014 sale.

When the building, located at 825 E. Pikes Peak Ave., changed hands, the seller reported a $50,000 sales price to county officials via the deed. That amount then became its taxable value for the buyer, an entity controlled by developer David Jenkins, who's in the process of assembling swaths of land in the downtown area....

At the time, David Jenkins justified the $50,000 price to then-County Assessor Mark Lowderman (who's now county treasurer), with a report showing the building is rife with asbestos, and cleanup costs could top $2 million....

The Indy's report about that agreement ("The real deal," Cover, May 4, 2016) prompted Schleiker, who had since replaced Lowderman as county assessor, to revisit the value.
His findings: The property's value surged to $1,969,177, and the tax bill went up to $35,961, compared to the prior bill of $913 based on a value of $50,000.

We asked David Jenkins' son, Chris Jenkins, who reportedly was involved in negotiations to acquire the property, for a comment on the new value but haven't heard back from him. If we hear something, we'll update.

The Jenkins family owns Nor'wood Development Group, which has projects across the city, including the Southwest Downtown Urban Renewal Area where the Olympic Museum will be built, the Banning Lewis Ranch to the east and development around the Interquest Parkway area.

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