VALLEY CITY, N.D. (AP) _ Plans to sell the City Auditorium in Valley City have been put on hold after an assessment determined the building was worth less than expected.
The City Commission decided last November to sell the building to a developer who wanted to turn it into apartment buildings _ an investment estimated at $1 million.
Because the historic 1936 building is in a flood plain, federal regulations prohibit anyone from making an investment unless the building is worth at least what the investor puts into it. The City Auditorium was assessed at only $178,500.
City Administrator David Schelkoph says officials have not determined how to proceed.