Surplus Property:

GSA's Sale of the Cresap Coal Liquefaction Facility

GGD-86-3: Published: Oct 11, 1985. Publicly Released: Oct 11, 1985.

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Pursuant to a congressional request, GAO reviewed the General Services Administration's (GSA) process in disposing of a coal liquefaction facility in Marshall County, West Virginia.

GAO found that: (1) GSA did not obtain community input when estimating the property's fair market value because it is GSA policy to contract for a commercial appraisal to determine fair market value; (2) GSA accepted a high bid because it was satisfied that the bid was close to the property's appraised market value; and (3) GSA did not believe it had any basis for not accepting the bid. GAO also found that: (1) state and local governments must be given an opportunity to acquire surplus real property before such property is offered for public sale; (2) GSA gave Marshall County the opportunity to acquire the facility before it offered the property for sale through a public auction; (3) GSA did not pursue negotiations with the county after the county rejected its offer; and (4) when initial attempts to sell surplus property to state and local governments are not successful, GSA must continue negotiating with the governments to obtain the highest price possible.

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