OK… The Borough Manager wanted me to update everyone on the status… The Borough Assembly had a work session this week to fix some issues regarding the new land sale. This applies to the posting:
As I mentioned in the original posting, one of the nine lots was donated to the local Humane Society that went out of business. The city has taken this one off the table for now, until they can reincorporate the HS and give the property back to the city.
There are two lots up around Post Office Lake that will be available “over-the-counter” at the city office, but apparently the assembly has to approve a new ordinance for just these two lots. Hopefully that will happen soon. They have road access, but not utilities and you’d have to bare the cost of hooking up to city water and sewer and AVEC power.
Then there are 6 lots down in the “Old Village” area… Originally the city did not intend to put in road access or utilities, but at the work session, the assembly decided to pay the cost of putting in all these things and rolling those costs into the sale price. Otherwise, these lots really wouldn’t have had much value to anyone except for the people with adjacent property as a way of expanding the size of their existing lot. Now, they will all be buildable and usable by anyone, thus more valuable.
And the city is rewriting the ordinances to be clear the city can and will finance the purchase of the land as well as the utility services cost. The rate is 8%, so a bank loan is probably going to be cheaper, but the city financing doesn’t require any down payment, or any significant credit check. Heck, if you have bad credit and default, the city takes the land back, sells it to someone else and keeps what you paid into it. Pretty low-risk for the city… But allows anyone to be able to afford a land purchase regardless of credit history, age and anything else that could be an obstacle for getting a bank loan.
Who wants to be a real estate tycoon in the World’s Largest City (by area)?