The South Dakota Board of Appraisal set the stage Wednesday for possible sales of the 1950-built men’s dormitory that isn’t needed at the State Veterans Home complex in Hot Springs and of the sprawling School for the Deaf in Sioux Falls.
The official value for the men’s dorm is $1, according to state School and Public Lands Commissioner Ryan Brunner.
Brunner and state Auditor Steve Barnett comprise the board.
“The local community with the historical society and economic development corporation would like to work together to restore the building or save it from demolition,” Brunner said after the meeting. "The state (government) would like to save the money from demolishing the facility which could range from $150,000 to $300,000.”
A state law allows the dorm to be sold to another government rather than at public auction. Another state law gives a variety of options to the state Board of Regents for selling or leasing the School for the Deaf property.
Brunner said he and Barnett took four actions that resulted in a total value of $6,578,053.71:
• They set the appraised value of the eastern parcel of 237,000 square feet of vacant land at $1,778,000 or approximately $7.50 per square foot. He said this area is the old football field and track area to the tree line.
• They next set the appraised value of the 72,433 square feet of the main campus building at $32.37 per square feet. He said the amount was a combination of $24.87 per square foot for the building plus $7.50 per square foot for the land under the building.
• Then they set the appraised value of the remaining 315,653 square feet of land at $7.50 per square foot.
• Finally, they increased the appraised value of the pool and gym building by $88,000 for income potential.
“Any proceeds will be split between trust or nontrust in either acquiring a new facility or renovating the existing facility depending on what is decided by the board (of regents),” Brunner said.
“The Board of Appraisal action gives the BOR the flexibility to explore multiple options allowed under HB 1064 to make a decision they (regents) think is in the best interests of the future of the school and the educational needs of the community."