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GGD-86-3 1 (1985-10-11)

handle is hein.gao/gaobabfiu0001 and id is 1 raw text is: BY THE US GENERAL ACCOUNTING OFFICE Report To The Honorable Alan B. Mollohan House Of Representatives Surplus Property: GSA's Sale Of The Cresap Coal Liquefaction Facility At the request of Congressman Mollohan, GAO reviewed the sale of the Cresap liquefaction facility in Marshall County, West Virginia. An independent appraiser estimated the fair market value at $1 million if sold as an industrial facility or $410,000 if the land and buildings and equipment were sold separately. Marshall County wanted the property to operate as an industrial facility and GSA offered the property to the County for $1.259 million. The County did not accept the offer or make a counter offer and GSA did not pursue the matter with the County. Subsequently, GSA accepted a bid of $400,000 for the prop- erty at a public auction. Because of the controversy follow- ing the sale of the liquefaction facility, GSA issued instruc- tions intended to clarify how future sales of this nature (where two values are placed on a property) should be handled. These instructions provided that if initial attempts to sell surplus property to state and local governments are not successful, GSA officials should continue to negotiate with the public bodies to obtain the highest price possible, consistent with fair market value, which GSA would be will- ing to accept at a public sale. 128125 z~-~ (, 1C'CQU ~ GAO/GGD-86-3 OCTOBER 11, 1985 0 23 LA43 0z

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