BOMA approves appraisals of airport

VICKSBURG, Miss. (VDN) — The Vicksburg Board of Mayor and Aldermen voted unanimously to accept two appraisals for the Vicksburg Municipal Airport.

This is the next step for the city’s preparations at selling the property according to sources.

During the meeting is was explained the Federal Aviation Administration requires two separate appraisal to be conducted before an airport can be sold. Then the two appraisals must be audited to find discrepancies between the appraisals.

Southern Skyline Valuations conducted one of the appraisals and the Market Value as $2,375,000.

The other appraisal was by Bottin Consulting Group, Inc. who valued the property at $2,202,000.

The different results were due to two different appraisal approaches. Southern Skyline conducts appraisals using income sales and also direct sales comparisons which means they viewed the sales of similar property in the area and the potential to generate income. Bottin Consulting used the direct sales approach it was is explained in the meeting.

According to the Skyline appraisal of the property, located at 5855 U.S-61 in Vicksburg, is 264.41 acres with 67,490 square feet spread among eight buildings. The property also has 5,000 linear foot runway. It is zoned Heavy Industrial with 2,828 feet of road frontage.

During the January 20 meeting, the Board purchased the hanger from Mike Cappaert for $35,000. This was needed in order for the city to be in compliance and completely own the airport. 

The BOMA will now move to have the two appraisals audited to be in compliance with FAA’s regulations. The cost of Skyline’s appraisal was $30,000. Bottin’s appraisal was $20,000. The audit of the appraisals will be $9,500.