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.


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