El Paso Times lets city know it’s paying too much for the El Paso Times building

The City of El Paso was ready to buy the El Paso Times’ downtown building for $14 million, but then the El Paso Times pointed out that the proposed price is $3.7 million more than what the property is appraised at. The purchase is now delayed.

“You have a situation here where journalists doing their job may have wrecked a deal for [their newspaper], but saved taxpayers money,” notes the tipster who sent me this link.

El Paso Times publisher Sergio H. Salinas “acknowledged the difficulty of covering a business deal in which the newspaper is involved,” reports the Times. He tells his paper that “we will continue to fulfill our responsibilities as a watchdog. At the same time, we have a valuable piece of property that we want to maximize.”

* City delays El Paso Times building purchase (elpasotimes.com)
* Earlier: City in talks to buy downtown El Paso properties (elpasotimes.com)