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Century Wants To Keep Foreclosed Building, Unless Someone Has $800,000
August 7, 2009
The Town of Century decided Thursday that they do not want to part with the former Helicopter Technology building in the town’s industrial park — unless someone is willing to write checks that would total over $800,000.
Foreclosure proceedings against the defunct helicopter company were finalized at the end of July, and the building is set for public auction on August 24. Thursday afternoon, the town council held a workshop meeting with the town’s attorney to determine if the town was willing to let the building be sold to a party other than the town.
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.
Attorney Matt Dannheisser told the council Thursday by conference call that the town could essentially bid any amount up to the $740,999.43 and not write a check. By including a second additional judgment in the amount of $41,243.71, the town could bid up to $782,242.14 and essentially not be out of any money since the building proceeds go to the town. 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.
After a brief discussion, council members indicated that at their August 17 meeting, they would support bidding up to the $782,242.14 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 of anyone willing to outbid the town’s $782,000 proposed bid.
NorthEscambia.com discovered recently that a Costa Rican company has a $424,550.72 federal judgment against Helicopter Technology. Dannheisser said he was unaware of the lien until he read the NorthEscambia.com story, but he said the company’s lien would be secondary to the town’s claim.
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.
Pictured inset: Century Council Ann Brooks listens as Town Attorney Matt Dannheisser addresses the council via speakerphone Thursday afternoon. NorthEscambia.com photo, click to enlarge.
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