SKOWHEGAN -- Calling the former Solon Manufacturing Co. building on Island Avenue a white elephant, the Skowhegan Board of Assessors has reduced the building's value for taxation by almost half.

The building, now called 7 Island Marketplace, was sold earlier this year for $75,000 to Florida investor Adam Runsdorf, president and chief executive officer of Cornerstone Investment Group LLC of Boca Raton. The value for taxation at the time was $300,100, according to records at the Skowhegan assessor's office.

After a tour and inspection of the building by assessors' agent William Van Tuinen and assistant assessors Kevin Geagham and Leisa Porter, Van Tuinen said the requested $134,535 abatement in property value was reasonable.

The property is now valued at $165,565. With the tax rate in Skowhegan set at $15.54 for every $1,000 in property valuation, Runsdorf will now pay $2,572 in taxes.

Under the old assessment, taxes were $4,663 per year, a difference of $2,090 in taxes.

"The boiler system is not working and the owner may not ever try to get it working," the minutes of the Oct. 2 Board of Assessors meeting read. "The floors all have holes everywhere that housed ductwork and conveyor systems for the machines that have been removed.

"(Van Tuinen) said this building is really a white elephant. Now that the use of the basement has been discontinued, it cannot be used again, because it is in the flood plain."

A white elephant is something that is considered to be rare or valuable, but expensive to keep and difficult to sell.

Van Tuinen recommended the abatement; assessors Carl McKenney and Chairman David Summers, the only two board members present, voted 2-0 to approve the abatement.

Solon Manufacturing made a variety of wooden, plastic and metal products for medical, industrial and food markets. It announced its plans to close the Skowhegan plant in October 2005, ending the company's 70-year manufacturing presence in Maine.

Runsdorf bought the place in January this year.

Contacted by phone on Monday, Runsdorf said the tax savings will free money for more investment into the property.

"I usually use market conditions when we handle assessments," Runsdorf said of the abatement request. "We purchased the property for significantly less than what it was assessed for, but we felt we had purchased the property opportunistically and we created a suggested assessment comparable to other commercial properties within the area."

The ground floor of the four-story, brick building is being prepared to become a year-round, open marketplace, with an opening date yet to be announced.

Runsdorf said he plans to replace the heating system with a modern, efficient system, which could be costly. The windows also need to be replaced and there is roof damage, he said.

"We want to pay our fair share of taxes," he said. "With the lower assessment, we'll have the additional funds available to improve the property for a longer-term involvement in the community."

Doug Harlow -- 474-9534, ext. 342

dharlow@centralmaine.com