The city of Shreveport purchased the long vacant D'Anna Produce building on Market Street in Sept. 2019. This property is adjacent to Cross Bayou on the west side of Market, just north of the Convention Center.
The purchase price was $466 thousand. These funds were expended from the balance of the $5 million 1996 Cross Bayou bond proposition.
The property was appraised by Robert L. Russell, MAI, SRA, AI-GRS. The market value of the 1.58 acre tract on Aug. 3. 2017 was $466 thousand.
This purchase complied with the terms of the 1996 bond proposition. It did not require the approval of the city council.
The deed contains a waiver of a state statute (R.S. 41:1338), which is superfluous. ThIs statute provides that its provisions do not apply to "property acquired by or transferred by the governing authority of the city of Shreveport or the governing authority of Caddo Parish."