Nov. 10, 2010
HURA Buys Tax Lien on Downtown Huntington Hotel, 243 Other Liens for Land Bank
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – The Land Bank’s second tax lien auction generated less controversy and resistance from other bidders at the tax sale, Nov. 9, 2010 at the Cabell County Courthouse. In 2009, the city purchased the liens for 229 of 325 liens within the city limits.
This year City Councilman Nate Randolph, chairman of the Huntington Urban Renewal Authority, acquired 244 of 447 liens within the Huntington City limits. The Herald Dispatch reported that the cost of the purchases was a little over $420,000.
According to the published report, the Land Bank acquired liens on several commercial properties. The most prominent of these is the Pullman Plaza Hotel (formerly Radisson), 1001 Third Avenue, which owes about $140,000 for 2009 and 2010. HURA purchased the lien too for the Ride-Aid location on Bridge Street in Guyandotte. It’s lien was $8,800.
HURA and the city have a $1.5 line of credit from First Sentry Bank , which after the third year is predicted to become self sufficient.
The Land Bank purchases tax delinquent properties. The original owner has 18 months to redeem the property during which time the Huntington Municipal Development Authority will collect interest, if redeemed. For those dilapidated properties, the city will secure and board them up. If not redeemed, then, they will in 18 months be turned over to the Huntington Urban Renewal Authority for sale.
Intended to eradicate dilapidated housing, the land bank allows property to be more quickly sold, renovated or demolished so that it can again be productive and on the tax rolls.
Share This Story:
Make HNN Your Homepage (IE Users Only)
HURA Buys Tax Lien on Downtown Huntington Hotel, 243 Other Liens for Land Bank
By Tony Rutherford
Huntingtonnews.net Reporter
Huntington, WV (HNN) – The Land Bank’s second tax lien auction generated less controversy and resistance from other bidders at the tax sale, Nov. 9, 2010 at the Cabell County Courthouse. In 2009, the city purchased the liens for 229 of 325 liens within the city limits.
This year City Councilman Nate Randolph, chairman of the Huntington Urban Renewal Authority, acquired 244 of 447 liens within the Huntington City limits. The Herald Dispatch reported that the cost of the purchases was a little over $420,000.
According to the published report, the Land Bank acquired liens on several commercial properties. The most prominent of these is the Pullman Plaza Hotel (formerly Radisson), 1001 Third Avenue, which owes about $140,000 for 2009 and 2010. HURA purchased the lien too for the Ride-Aid location on Bridge Street in Guyandotte. It’s lien was $8,800.
HURA and the city have a $1.5 line of credit from First Sentry Bank , which after the third year is predicted to become self sufficient.
The Land Bank purchases tax delinquent properties. The original owner has 18 months to redeem the property during which time the Huntington Municipal Development Authority will collect interest, if redeemed. For those dilapidated properties, the city will secure and board them up. If not redeemed, then, they will in 18 months be turned over to the Huntington Urban Renewal Authority for sale.
Intended to eradicate dilapidated housing, the land bank allows property to be more quickly sold, renovated or demolished so that it can again be productive and on the tax rolls.
Share This Story:
Make HNN Your Homepage (IE Users Only)
