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Century Ready To Acquire Helicopter Technologies Building At Foreclosure Sale

August 18, 2009

The Town of Century is prepared to bid on the former Helicopter Technology building in the town’s industrial park when it is sold at a foreclosure auction next Monday — up to about $785,000.

The council voted 3-1 Monday night to first bid up to $745,000 for the building, and then increase their bid up to $785,000. Council member Henry Hawkins voted against the resolution. Council member Ann Brooks was not present at the meeting.

“We don’t have that money…we do not have $745,000,” Hawkins said. “The court’s gonna want their money.”

The final judgment against Helicopter Technologies in favor of the Town of Century was for $740,999.43 — $420,000 as principal, $307,345.08 as interest through July 30, $200 for a title search, $1,125.35 as costs, and $17,342 in attorney’s fees. With interest accruing daily, the total amount of the foreclosure will be about $745,000 by next Monday.

Town Attorney Matt Dannheisser told the council on August 6 by conference call that the town could essentially bid any amount up to the $745,000 and not write a check. By including a second additional judgment in the amount of about $40,000, the town could bid up to $785,000 and essentially not be out of any money since the building proceeds go to the town. If they bid the full $785,000, Dannheisser said the town would have to write a $41,242.71 check to the court, but that money would be returned to the town in about two weeks.

“This is going to be an expensive lesson for the town,” Hawkins said Monday night. “I just believe that the town just needs to get out of the real estate business period.”

Mayor Freddie McCall explained to Hawkins that the town will not be out any money if it bids on the building at next week’s foreclosure sale since the judgment is in favor of the town. No money will change hands, except if the town wins a bid at the full $785,000. Then, the that $41,242.71 check will need to be written to the court, the court clerk would turn around and write the town a check for the full amount within days.

“We will be alright,” McCall said, “since it is our money.”

During the August 6 conference call with the town’s attorney, council members indicated that they would support bidding up to the $785,000 for the building to prevent it from being sold at a lower dollar figure to another party.

The building was appraised by real estate agent Dee Dee Richie for $800,000 to $900,000. Property appraiser Chris Jones said that the 2009 appraisal on the building would be about $814,000.

“In all likelihood, there’s not going to be any other bids offered,” Dannheisser said. He said there had been no inquiries on the building since it went into foreclosure.

“We just want to get a business there that is viable and working, and get some jobs,” Mayor Freddie McCall said of the town’s desire to keep the building from being sold at auction at a low price.

“If they want to be in Century that bad, I’d love to have them,” Council President Ann Brooks said at that meeting of anyone willing to outbid the town’s $785,000 proposed bid.

If the town makes the winning bid for the building on August 24, the town will be required to pay back taxes from 2008 of $16,824 plus additional property taxes that have accrued since January 1.

Click here to read the court’s judgment ruling (pdf)

Pictured top: File photo showing the inside the Helicopter Technology building in February 2008. Pictured inset: Council member Henry Hawkins reads a document to the Century Town Council Monday night. NorthEscambia.com photos, click to enlarge.

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Written by William Reynolds · Filed Under News