The Keizer Urban Renewal Agency was the sole bidder this morning on a foreclosed property at Keizer Station, paying $602,169.32 for the parcel.
Keizer taxpayers borrowed $26.8 million to build the infrastructure for the shopping center. Property owners agreed to make the payments.
Keizer foreclosed on the 1.47 acre property after a company owned by developer Chuck Sides became delinquent on payments.
The property secured a loan assessment of $510,888. The minimum bid was higher than that because of interest, fees and costs associated with the foreclosure.
The property has no commercial value, because it houses high-tension power lines.
Two other lots controlled by Sides are $1.2 million in arrears, but Keizer has not yet chosen to start foreclosure proceedings on them.
Those two properties have a total real market value of $2.23 million. Keizer needs to recoup $5.83 million from those properties, plus additional interests and costs.
This article has been republished from the Statemans Journal. We claim no copyright, the original article can be found here: http://www.statesmanjournal.com/article/20121016/UPDATE/121016020/Keizer-buys-delinquent-property-no-commercial-value-Keizer-Station-?odyssey=tab|topnews|text|Home&nclick_check=1