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GGD-85-38 1 (1985-03-14)

handle is hein.gao/gaobabnpr0001 and id is 1 raw text is: UNITED STATM GENERAL ACCOUNTING OFFICE WASHINGTON, D.C. 20548 v9 G68E1RAL GOVERNME1NT DIVISION B-217512 MARCH 14,1985 The Honorable Michael G. Oxley House of Representatives Dear Mr. Oxley: Subject: (ISA's Sale of a Surplus Federal Warehouse in Shelby, Ohio (GAO/GGD-85-38) By letter dated June 4, 1984, you requested that we inves- tigate the General Services Administration's (GSA) recent sale of a surplus GSA warehouse in Shelby, Ohio. You pointed out in your letter that, in August 1983, GSA rejected a company's bid of $2 million for the surplus warehouse but then, in April 1984, accepted a $1,369,000 bid for the warehouse from another com- pany. You expressed your concern that GSA could have gotten $631,000 more for the warehouse 9 months earlier and asked us to investigate the matter. In our inquiry into this matter we interviewed GSA offi- cials responsible for real property disposals in GSA's central office and its Chicago region, which administered the warehouse sale. We reviewed the laws, regulations, policies, and proce- dures which govern GSA's sale of surplus real property and examined central office and Chicago region files and records pertinent to the sale. We developed the disposal history on this sale and compared it to the established policies and proce- dures for GSA's surplus property sales. We did not attempt to evaluate the validity of the appraisals of the warehouse's value that were prepared by independent appraisers and evaluated by GSA appraisers. On August 2, 1984, we met with you and briefed you on the information on the sale that we had developed in our inquiry. At that time, you requested that we provide you the information in writing. The enclosure contains the information we provided you at the meeting. In summary, we advised you that we learned that GSA's Chicago region rejected the August 1983 $2 million bid because it believed, based on an independent appraisal and the region's evaluation of that appraisal, that the bid was too low. The (014005)

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