They will review the sale price, which was based on a pre-pandemic appraisal, because the city attorney did not investigate it
City Attorney Mara Elliott says prices were inflated, commissions were hidden, broker owned stock in company that sold property to city.
He also collected $502,000 in commission from the sale of the hotel and almost $600,000 in fees for his work on the city’s purchase of another Residence Inn in Kearny Mesa for $39.5 million, Elliott announced in her news release. The city attorney’s Aug. 4 press release announcing the settlement prompted some heated comments at the council meeting Monday, when council members formally approved the agreement.Deal includes return of $1 million in broker fees but does not address allegedly inflated sale costs
According to the letter from Mitchell and Clumpner, the commission pulled the plug on its outside appraisal of the Hotel Circle property only after commissioners forwarded the issue to the city Housing Authority, which oversees the commission as the city council. “In deference to the legal process and to avoid interfering with the pending litigation related to this property, SDHC did not pursue the new appraisal and evaluation of the previous appraisal at that time.”
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