Mollohan Crony sells Palace Furniture Bldg to Vandalia at a Loss

Mollohan's long-term friend and partner in the 300 acres along the Cheat River (that the congressman forgot to report on his annual ethics report to Congress) sells property to Vandalia.

The question to be asked is about true appraisal value. What was the true value of the Palace Building before the sale? Think about it. What did the Goff building sell for just a few short years ago; what did the buildings on Fourth St recently sell for; what did the entire block on Pike street sell for? If you use a comparative appraisal was the building sold for too much which protected the investment of Mollohan's long-term friend? Was the building sold with tenants whose leases were about to expire? Or, had the tenants all ready planned to move out and the value of the property would have dropped precipitously unless a sweet heart deal was made for a non-profit to pick the building up at an exorbitant price? Was this building really worth a million dollars more that the Secret Furniture building just up the street from it?

Did Vandalia just pull a friend of Mollohan's out of the fire to protect him from the declining downtown market values? If Vandalia didn't come to the rescue would the building still be on the market and the price subject to negotiation? The big issue here is, or should be that federal tax dollars earmarked by Mollohan's went to his captive non-profit corp and then Vandalia used one million dollars of it to buy out his friend's troubled real estate investment.

This is NOT economic development for which Mollohan deserves praise! "...two years later, Vandalia Redevelopment Corp. purchased the old Palace Furniture Co. for $1 million from C.D.I.G. Inc., a company owned by one of Mollohan's long-time friends, Dale McBride. In that case, C.D.I.G. took a slight loss on the building. The company paid $1.05 million for the building 11 years earlier."