Is the Road Home shelter really worth $7.7 million?
SALT LAKE CITY — A debate is brewing over the property value of the soon-to-be-closed Road Home homeless shelter in downtown Salt Lake City, and whether its value may price the state government out of the market to buy it.
In 2017, the land and building where the Salt Lake Road Home shelter sits was valued at $3.2 million. This year, the Salt Lake County Assessor put a price of $7.7 million on the same property.
Lt. Governor Spencer Cox told KSL Newsradio’s Dave & Dujanovic, that amount applies specifically to tax purposes, not necessarily what the property might fetch at sale. However, he says it can affect fair market value. The state wants to use the soon-to-close shelter for other public use; however, they only have $4 million in the budget to purchase the land.
Cox also says the land was only valued at $1.2 million and anyone buying the property will demolish the building. He believes the $6.5 million in value for the building is a miscalculation.