Some positive news for 9th and Main?

[downtownparks]

I understand there may be a potential buyer. If the purchase happens, this person would bring some new blood to Main Street and Springfield.

[jbm32206]

I hope that's true...the area should could use a boost

[jbm32206]

There's an article in the Times Union today about Van Horn and his properties....which didn't mention a potential buyer. In fact a quote from the article,

Currently, the only activity at 9th & Main is construction workers rebuilding Main Street, a project scheduled for completion in fall 2009.

http://www.jacksonville.com/business/2008-12-21/golden_boy_of_springfield_loses_luster_as_deals_go_bust

[thelakelander]

Perhaps the city should just lease the space out instead of letting it sit vacant for an extended amount of time.

[jbm32206]

I wish the city would take any of the structures that are abandoned, behind on taxes and put them up for sheriffs sale...that's what they do in other cities. It helps keep them from reaching the point of no return and being demolished. 

[downtownparks]

When I spoke to the perspective buyer, he was aware of how close to foreclosure the building was. He might have decided to wait and see if he could get a better deal on the foreclosure market. Most potential owners wouldn't want to do anything until Main St is finished anyway, so there is no real hurry.

[jbm32206]

I agree with you on that...until the work is done, not much of anything can really take place

[brainstormer]

I wish the city would take any of the structures that are abandoned, behind on taxes and put them up for sheriffs sale...that's what they do in other cities. It helps keep them from reaching the point of no return and being demolished. 

The city has the same mentality with vacant lots.  I can't imagine why we keep so much land off of our tax rolls just to have a place for garbage to collect.  Perhaps the land is being kept for future parking garages or pocket parks?  It would be interesting for someone to investigate how much land the city actually owns, especially in Downtown.  I bet it is an unbelievable amount!  And then there is land that is leased like the Landing.  And when you subtract all of the land owned by churches...no wonder the city has a declining tax base.  We need a strict vision for development, and then I say sell it to the private sector.

[vicupstate]

I wish the city would take any of the structures that are abandoned, behind on taxes and put them up for sheriffs sale...that's what they do in other cities. It helps keep them from reaching the point of no return and being demolished. 

There were unpaid taxes dating back to 2005, so a Sheriff's sale is already overdue. 

[jbm32206]

Indeed!

[ChriswUfGator]

There were unpaid taxes dating back to 2005, so a Sheriff's sale is already overdue. 

That's not really how it works. The city just holds a reverse auction for tax certificates on the past due balance, and sells the certificates to private investors, so they get their money regardless. It's then up to the private parties to decide whether to try and foreclose on the property to recover the tax debt or not, but nobody ever really does that because eventually the property will be sold and they'll get paid plus interest anyway, so why spend all the money filing suit?

And even if you held a tax certificate on the property and wanted to foreclose, it's not easy. You normally have to have 3 or more year's worth of tax certificates before you're considered to have standing, and bear in mind property taxes aren't that much money compared to the value of the property, so any property owner in their right mind will just redeem the certificates and then you're out your filing fees and costs. It's financially much better to just sit and wait, and let the interest rack up. And that's what everybody does.

The mortgage company, however, is another story...

[thelakelander]

I don't know why investors would be willing to pass over deals because of street construction.  Main will be finished in six months.  Unless, the economy continues to go down, things probably won't get cheaper when the street is completed.  To get a project off in this city will most likely require more than six months anyway.  So if you're an investor it may be better to buy before the street is complete.

[downtownparks]

I think it is probably a better deal in foreclosure than on the open market.

[jbm32206]

I had posted a link to this story earlier today...just so others know...
http://www.metrojacksonville.com/forum/index.php/topic,4007.msg61499.html#new

[thelakelander]

I went ahead and merged the topics since it was already being discussed in this thread.