KAUZ-TV: NewsChannel 6 Now | Wichita Falls, TXIowa Park Residents Questioning Building Purchase

Iowa Park Residents Questioning Building Purchase

Some residents of Iowa Park are upset over the city's purchase of the old Walmart building. The city spent $200,000 on the building, with the intention of renovating it for city use. But, Iowa Park can't afford work and now the building sits vacant.

City Manager Michael Price said they believed the work would cost around $4.5 million to $5 million. But, the actual estimate came in around $8.9 million. That means the city would have needed to take on debt to finance the renovation, even at the lower price. So, why did they buy the building?

"Because it's a good investment," said Price. "It is possible it could end up as part of an economic development project within the next year or so."

Still, many people in town don't think the purchase was a good idea. The city buying the property took it off the tax rolls. When Walmart was still open, property taxes were over $20,000 a year. After it left, that was cut in half. But, the city is still losing over $10,000 a year. And, it cost the city nearly $25,000 in architectural fees to find out it couldn't afford the renovation. Plus, insurance on the property costs $1,377 annually.

Still, Price stands behind the decision. He said there is enough economic development in town to make him confident the city will fill the property.