Worthy effort hurt by overspending

Hillsborough County had good reason to buy an aging apartment complex in an impoverished neighborhood near the University of South Florida.

The purchase will allow the county to build a library on a site surrounded by other public facilities, including an elementary school, community center and a park.

But however desirable the location, officials should have taken the time to get an up-to-date appraisal before scampering to close the deal.

They would have found they were paying far more than the market value. That's not smart government.

The Tribune's Mike Salinero reports the county commission approved paying $3.8 million for the 72-unit apartment complex last November.

But the price was based on appraisals done in 2006, when the real-estate market was sizzling.

The county's property appraiser's office put the value at $2 million in 2008 and says its true market value is probably about $2.6 million, meaning the county may have spent $1.2 million more than necessary.

Given the county's financial difficulties and the possibility of layoffs, it can ill afford to spend unwisely.

There's another complication: The county, which had previously helped the apartment owners obtain state and federal grants, arranged for the apartments to be operated by the University Area Community Development Corp., a nonprofit organization devoted to revitalizing the neighborhood commonly called "Suitcase City." The name comes from its transient population.

The agency will manage the apartments and collect rent until the county is ready to proceed with the library project.

The nonprofit's volunteer CEO is Victor Crist, a state senator who intends to run for the county commission.

Crist, who has long worked to help Suitcase City, says he was not involved in the acquisition. All this was probably innocent enough.

Still, it creates the appearance of the county staff hustling to please a powerful politician.

We don't want to put too fine a point on this. The library is a worthy project and, as Crist says, the county could not find a better site for it.

Still the messy episode holds some lessons.

After a real estate collapse, the county should be skeptical of all but the latest appraisals.

And if Crist expects to serve on the county commission, he better distance himself from an organization that is financially involved in the county's redevelopment efforts.