Parkside Plaza Apartments v. Department of Revenue

CARL N. BYERS, Judge.

The issue for determination is the true cash value as of January 1, 1981, of land located in the South Auditorium Addition. The parcel contains approximately 97,334 square feet and is restricted under the urban renewal plan to use for residential apartments.

The Portland Development Commission’s urban renewal plan for this area was initially adopted in 1963. According to the evidence adduced, the property was acquired sometime during the 1960’s, appraised for purposes of establishing a sale price in 1974 and then offered for sale by the agency at approximately $3 per…