San Francisco Bay Guardian News

Reject BofA's lies

IT'S AMAZING HOW brazenly the big downtown business interests can lie, cheat, and steal money from the city treasury. Take the case of the Bank of America Building, the landmark 52-story tower that's possibly the single most desirable office property in San Francisco.

Bank of America, which shares ownership with the Shorenstein Co., wants a big tax cut on the building, which the city has assessed at $967 million. In an assessment appeal covering the years 2002 and 2003, Bank of America and Shorenstein say the place is worth a paltry $475 million – a difference that could cost the city $5.65 million in desperately needed cash.

The city is fighting the appeal, and the Assessor's Office says $475 million is incredibly low for such a trophy building. But it's not just the city saying that: Bank of America announced last week that it's looking into selling its share of the property – and the San Francisco Chronicle reported June 17 that the sale is likely to bring the financial services giant between $337 million and $540 million for its 50 percent share. That would put the value of the place at between $674 million and $1.1 billion.

As Steven T. Jones reports on page 12, Bank of America is disputing the Chron's numbers, which came from independent real estate brokers – but nobody with any sense thinks the company is really going to price the building for sale at $475 million.

The Assessment Appeals Board should reject Bank of America's appeal and send a clear message that the days of this kind of corporate tin cup-manship are over.

Reject BofA's lies IT'S AMAZING HOW brazenly the big downtown business interests can lie, cheat, and steal money from the city treasury. Take the case of the Bank of America Building, the landmark 52-story tower that's possibly the single most desirable office property in San Francisco. Bank of America, which shares ownership with the Shorenstein Co., wants a big tax cut on the building, which the city has assessed at $967 million. In an assessment appeal covering the years 2002 and 2003, Bank of America and Shorenstein say the place is worth a paltry $475 million – a difference that could cost the city $5.65 million in desperately needed cash. The city is fighting the appeal, and the Assessor's Office says $475 million is incredibly low for such a trophy building. But it's not just the city saying that: Bank of America announced last week that it's looking into selling its share of the property – and the San Francisco Chronicle reported June 17 that the sale is likely to bring the financial services giant between $337 million and $540 million for its 50 percent share. That would put the value of the place at between $674 million and $1.1 billion. As Steven T. Jones reports on page 12, Bank of America is disputing the Chron's numbers, which came from independent real estate brokers – but nobody with any sense thinks the company is really going to price the building for sale at $475 million. The Assessment Appeals Board should reject Bank of America's appeal and send a clear message that the days of this kind of corporate tin cup-manship are over.