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Margate owns Carwash. Tentative plans to Demolish
• If it doesn't make money, we're wrecking it
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Sunday,
March 14, 2010
You probably don’t know that Margate owns its own car wash. Now you do. The Margate Community Development Agency purchased the Star & Stripes carwash along State Road 7 last August for $650,000, as part of a larger plan to move businesses that attract riff raff out of the city, said Margate Commissioner David McLean at a recent city meeting.
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Comparable sales used to determine the market value of the carwash came from better economic times—in years 2005-2006 and before, say city records, making the purchase price of $650,000 high when comparing the land value of Stars & Stripes with the average selling price of equivalent commercially-zoned parcels in South Florida in August 2009.
In an email, city officials expressed that their interest “was in the purchase of the property and not the business,” which is why the MCRA acquired no financials from carwash owners regarding its fiscal health prior to the Margate CRA buying the business—not even an income statement.
At last Monday's MCRA meeting, MCRA officials tabled an agenda item aimed at fixing the roof of the city-owned carwash, saying that if the carwash continues to decline, they would consider knocking it down later in the year.
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