MEADVILLE —
Part of a downtown Warren development project built by the same firm involved in downtown Meadville revitalization efforts is headed to a Warren County sheriff’s sale next month because of a foreclosure on its $1.3 million mortgage.
A writ of execution was issued in Warren County Court that puts a parcel of the Breeze Point Energy Systems subdivisions along Clark Street in Warren up for public sale June 2 at the Warren County Sheriff's office, according a story in the Warren Times-Observer newspaper.
According to the Times-Observer story, Manufacturers and Traders Trust of Buffalo, N.Y., is owed more than $1.2 million in unpaid principal debt and accrued interest, and about $123,000 in legal fees, for a total of $1,353,572.99 as of Dec. 17, 2010. Additional late charges and interest and the “costs of the suit” will be added to the total at the time of the sale.
The newspaper reported the listed owner of the property as Warren Hospitality Associates, which had received the property by deed from Susquehanna Valley Development Group in May 2008.
Both of those entities were associated with Warren’s lead developer at the time, Bob Yoder. Yoder also was involved with redevelopment efforts in Meadville in the early 2000s — Impact Meadville.
None of the Impact Meadville properties face mortgage foreclosure, according to the Crawford County Sheriff’s Office.
However, there still is more than $175,000 owed in back taxes, interest and penalties owed on its properties in Meadville, according to the Crawford County Treasurer’s Office.
Built by Susquehanna Valley Development, Impact Meadville was a $14 million project funded with both public and private money designed to revitalize Meadville’s downtown by attracting both residents and businesses to expand the city’s tax base. It included renovations to the Kepler Hotel into housing and retail/commercial space, construction of townhouses and a parking garage along Market Street north of Market Square.
Crawford County hasn’t received property tax payments for 2009 and 2010 from either Kepler Commons Associates LP or Meadville Housing Associates LP for condominiums those entities own at the Kepler Hotel, 900 Market St., Meadville, according to the Crawford County Treasurer’s Office. Yoder runs both Kepler Commons Associates LP and Meadville Housing Associates LP.
Meadville Housing Associates had only paid $2,540.30 in real estate taxes on a townhouse it owns along Center Street in 2010, according to the Treasurer’s Office.
Combined, Kepler Commons and Meadville Housing Associates still owe more than $175,000 in back property taxes, interest and penalties for the two years, according to the county treasurer’s office.
Kepler Commons Associates controls the seven units of first-floor commercial space in the Kepler building.
Meadville Housing Associates controls the 30 residential condominiums on the Kepler’s second and third floors and had sold 17 of the 30 residential condominiums by 2009. No additional residential condominiums were sold in 2010 by Meadville Housing Associates.
Keith Gushard can be reached at 724-6370 or by e-mail at kgushard@meadvilletribune.com.
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