Today's Midland Reporter-Telegram contained an article about the upcoming hospital bond vote. Then over in the "letters to the editor" section were three letters each of which raised a topic about it -- the lack of information, the bad economic timing, and the yard signs. All three letters made interesting points.
Here's another question, how are all of those real estate investments working out? The hospital district built a big two story building to house doctors' offices, but in looking at the roster of tenants it raises the speculation that the hospital district got them there by buying the doctors' old offices and presumably engaging in something other than an arms length transaction.
Go to MidlandCAD and search for "Midland County Hospital District" to find the appraised value of some hospital district properties. Here's a starting point:
400 N. Garfield - the hospital district's new office building & improvements -- appraised value $8,012,970, property ID number R000204410;
More improvements at 400 N. Garfield, appraised value $3,434,130, property ID number R000206062;
2201 W. Tennessee, former doctors' offices, now parking lot, appraised value $2,389,980, property ID number R000024826;
2405 W. Missouri, formerly Permian Cardiology's office which relocated to 400 N. Garfield, appraised value $2,341,980, property ID number R000009849; and
509 N. Garfield, doctor's office, appraised value $339,090, property ID number R000020436.
So how is that new office building working out as an investment? Have taxpayers gotten their money's worth?
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