By Barb Pert Templeton
A $9,000 invoice for an appraisal of property on St. Clair River Drive in The Shops at Riverwalk Plaza could prove to be very important for the city.
The invoice from Value Trends, Inc. was on the agenda for the councils’ approval at a June 17 meeting. The report revealed that while the developers hoped to have the 2024 taxable value of the property adjusted to just $600.000 the appraisal the city got came back with a value of between $1,925,000 and $2,200,000 for the property.
“This is just another version of an out-of-town corporation buying a property here then not wanting to pay, wanting our residents to subsidize their business,” Gillis said. “If it wasn’t worth it when they bought it, they shouldn’t have paid for it.”
A document in the meeting packet prepared for the council by City Manager Denice Gerstenberg.
provided an explanation of the process that led to the appraisal.
In May 2024 Benedict Limited LLC filed a petition with the Michigan Tax Tribunal to reduce the taxable values and state equalized valued of The Shops at Riverwalk, located at 1027-1099 St. Clair River Drive. The Michigan Tax Tribunal is a quasi-judicial administrative court that hears tax appeals for all Michigan state and local taxes.
As a result of the developers desire to lower the taxable value of the property a recommendation from the city attorney prompted officials to engage T. Allen Francis with Fealko, Shoudy & Francis, P.C. to defend the city against the request for tax appeal. The attorney recommended the city get an appraisal of the property.
On March 4, 2025 the city council approved a proposal for appraisal from Value Trends Inc. The appraisal has been completed and the estimate of true cash value is between $1,925,000 and $2,200,000.
After Mayor Rocky Gillis read Gerstenberg’s explanation letter into the record, Councilman Jake Skarbek made the motion to approve the payment and was supported by several members of the council.
When Gillis asked for any comments on the subject Mayor Pro Tem Dawn Davey simply said “yeah” several times.
“I still was shocked when I first saw that number, $600,000 was low,” Davey added.
Skarbek said you can’t buy a plaza, raise the rent drastically, then wait until all the tenants move out, then come crying wolf to the council and the state and not expect the city to come back and fight it.
The council then unanimously approved payment of the $9,000 invoice to Value Trends, Inc. in Novi.
When contacted after the meeting Gerstenberg confirmed that the today The Shops at Riverwalk include a storage facility, a Jet’s Pizza, Anytime Fitness, Flaming Grill, Ascension and Kristy’s Crafts. Businesses that left the plaza include CVS Pharmacy, a flea market, a dance studio and a Dollar General.
A posting on the JMC Management website describes the property as follows:
Join the thriving community of The Shops @ Riverwalk and experience the synergy of a prime location, unparalleled waterfront views, and a vibrant atmosphere. This multi-tenant commercial real estate property sets the standard for excellence in Algonac, Michigan, offering businesses an opportunity to thrive and customers a place to indulge in delightful shopping and dining experiences along the beautiful St. Clair River.
