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February 26, 2013
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Citibank deal recorded with Adams Foundation paying $900,000

The vacant Citibank building in downtown Carson City was purchased by the Hop and Mae Adams Foundation of Meridien, Idaho, in a deal recorded as costing $900,000.Records indicated that Citibank, N.A., a national banking association, was the property grantor as successor in interest to California Federal Bank. The foundation, managed by Steve Neighbors of Strategic & Operational Solutions, was listed as buyer.The sale of the 24,759 square-foot structure on the southwest corner of Telegraph Square came to light in a check of the Carson City recorder’s office website Monday. The grant bargain and sale deed, came in late last week.Added to the purchase price of $900,000 was a $3,510 real property transfer tax due. The property, listed as commercial, includes lots 1-10 inclusive of Block 33 in the Proctor and Green’s Division of Carson City.The building, which includes 4,309 square feet in the basement and the rest of the nearly 25,000 square feet on a main level and second floor, is part of Neighbors’ avowed interest in buying downtown property.The foundation, he has said, is carrying out the wishes of Mae Adams. The Adams family owned the Carson Nugget, which continues to operate in downtown Carson City.Efforts to reach Neighbors late Monday were unsuccessful. He declined late last year to disclose his intentions regarding purchase of the building and accompanying land, but did acknowledge continuing interest generally in downtown opportunities.“I think how downtown Carson City goes is how the city goes,” he said then. “I’m liquidating farms in Idaho and, big picture, making investments in Carson City.”The empty Citibank building property, which includes parking, was undergoing due diligence by Neighbors then, according to others knowledgeable about progress on the potential deal.At that time, Eugene Paslov expressed interest in possibility using the building for a charter high school for the performing arts. The lifelong educator said it is the right size, but Paslov also said prospects for putting the performing arts school he is spearheading there were “very iffy.”

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The Nevada Appeal Updated Feb 26, 2013 01:45AM Published Feb 26, 2013 01:44AM Copyright 2013 The Nevada Appeal. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.