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Helicopter Technology Building To Be Sold Monday At Courthouse
August 23, 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 tomorrow — up to about $785,000.
The town council voted to bid up to $745,000 for the building, and then increase their bid up to $785,000. The building will be sold at public auction at 11 a.m. Monday in the second floor lobby of the Escambia County Courthouse.
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 is now about $745,000.
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.
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. NorthEscambia.com photo, click to enlarge.
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