The suit, filed by the nonprofit Sugar Law Center for Economic & Social Justice, alleges the city sold the land for less than it’s worth, and therefore the sale is subject to the Community Benefits Ordinance (CBO), which requires large-scale developers to negotiate benefits packages with neighborhoods. CBOs are required when the city offers tax incentives to developers or sells property below its market value.

The coalition alleges the city sold the land for $9 million, but it’s worth at least $11.1 million, according to a draft appraisal. The property is likely worth far more, the lawsuit alleges, because it’s based on an uncertified appraisal that “understates the fair market value.”

“The defendants have not properly determined the market value of the State Fairgrounds site,” the lawsuit states. … see full story at Metro Times