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LCD-79-317 1 (1979-06-20)

handle is hein.gao/gaobabmtf0001 and id is 1 raw text is: RESTRICTED - Not to be released outside the General Accounting Office except on the basis of specific approval by.the Office of Congressional Relations. v COMPTROLLER GENERAL OF THE UNITED STATES WASHINGTON. 0.C. 20548 RELEASED B-165511 JUNE 20, 1979 The Honorable David Pryor Chairman, Subcommittee on Civil Service and General Services Committee on Governmental Affairs United States Senate 120213 Dear Mr. Chairman: This is in response to your January 26, 1979, letter requesting us to evaluate the procedures used to estimate the value of Air Force Plant No. 3, located at Tulsa, Okla- homa. The reason for your request was the large difference between the values of the plant determined by the General Services Administration and the Tulsa Airport Authority. The Airport Authority is interested in the plant because the plant is located next to the airport. The plant consists of over 300 acres of land and 79 structures totaling more than 2.7 million square feet. The McDonnell-Douglas Corporation currently operates the plant as a Government-owned, contractor-operated facility under a lease from the Air Force. The Air Force reported the plant excess in October 1972, with the condition that General Services negotiate a sale to McDonnell-Douglas for continued use as an aircraft fabri- cation and assembly facility. In accordance with the National Industrial Reserve Act of 1948, the Air Force specified that, as a condition of sale, the plant's existing capability for defense production be preserved for 5 years from the date title to the property is transferred to the contractor. A further condition was that utilization of the property by the purchaser not jeopardize the capability of the facility to meet defense production requirements during that period. In February 1973 General Services contracted with an independent appraisal firm to provide a valuation of the plant and all related Government-owned personal property. The firm valued the property as of May 1, 1973; December 1, 1974; and September 1, 1977. The firm stated that as of LCD-79-317 (945373)

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