The city’s property insurance appraisals will have to wait a little longer.

The three-year contract with Industrial Appraisal Company has been placed on file for two weeks for public inspection not enough voting members attended last night’s City Council meeting.

This will be the first appraisal the city of Charleston will do. The planning stage, along with a schedule, will start as soon as the contract is signed, said City Manager Scott Smith. Smith said the appraisal itself would be completed in a matter of days, but the information would then be sent to the company’s home office for inspection.

The list of appraised land values would be sent to the insurance carrier, HCC Insurance Holdings, and compared with the current prices.

The appraisal is likely to be completed around August, and the renewal of the city’s insurance policy is due in December, so the appraisal must be done before then.

Charleston pays approximately $197,000 for liability insurance and has bought its policies from HCC Insurance Holdings since December 2007. HCC Insurance Holdings is based out of Houston, Texas, and the company’s revenue rose to a record-high $2.4 billion, according to its Web site.

A Charleston fire in 2003 caused $500,000 worth of damage to City Hall, and highlighted the city’s need to have its property values updated, Smith said. The insurance matter has been ongoing since the fire occurred, Smith said, and values will be determined in the fall when the construction is complete.

Other communities, such as Mattoon, have had appraisals of city property done in the past and recommended it to Charleston.

“This is the first time that Charleston has had a third-party evaluation done,” said Charleston Mayor John Inyart. “It has saved other communities a lot of grief and money.”

The resolutions to close city streets for Red, White, and Blue days on July 3 and 4, and for the Panther Prowl on July 12 have also been placed on file.

Ashlei Maltman can be reached at 581-7942 or at anmaltman@eiu.edu.