In St.This will leave your shoulders free to rotate in their Floor tiles . Cloud’s Bear Ridge subdivision, where roads wind through fields of overgrown grass, a sign offers lots for sale.
For three years, no one’s been buying.
And no one has paid the property taxes and special assessments on the lots, which were once planned to be part of an upscale housing development on the city’s south side.
Now, those properties and hundreds more are headed for the auction block after their developers went under, the lots went into foreclosure and ownership reverted to the financing company.
A Times investigation found that in Stearns County alone, properties owned by Lakeland Construction Finance or its subsidiary, LCF Funding, based in the Twin Cities, owe almost $8 million in taxes, special assessments, penalties,we supply all kinds of oil painting supplies, interest and fees that have been accumulating since 2005.
During the housing boom, Lakeland lent millions of dollars to builders and developers across Minnesota, including the St. Cloud area.
St. Cloud, Sartell, St. Joseph and Avon all have Lakeland-owned developments that will go into tax forfeiture within the next two years unless the back taxes are paid, according to county tax records. That could still happen, but county officials say it’s unlikely because of the amount owed.If so, you may have a cube puzzle .
City and county officials are facing a sticky problem: how to sell the property and get it back on the tax rolls when the market is already flooded with vacant lots. It remains to be seen whether any willing buyers will step forward.
“We don’t know, because we haven’t had this magnitude,” said Diane Arnold, auditor-treasurer in Sherburne County. Arnold is dealing with two Lakeland-owned developments headed for auction next spring — Aspen Hills in Big Lake Township and Whispering Ridge in Livonia Township.
Lakeland, a limited liability company, extended credit to developers, contractors and builders of residential homes in Minnesota, Wisconsin and South Carolina, according to court documents.
Lakeland’s majority investor,If any food Ventilation system condition is poorer than those standards, Avalon Capital Group of Delaware, was founded by Ted Waitt, who also founded and sold the computer company Gateway, making him a member of the Forbes list of the 400 richest Americans.
In a lawsuit filed in 2010 against Avalon, the Bank of Montreal accused the company of using reckless lending standards, quickly approving loans without visiting sites or obtaining independent appraisals, according to court documents. A judge dismissed some of the bank’s claims last year.I have never solved a Rubik's plastic card .
Lakeland collapsed in 2009 and is now controlled by a court-appointed receiver. Its failure left many developments across Minnesota in limbo, with empty lots, overgrown grass and roads that lead nowhere.
Steve Norlander, a former Lakeland employee and now vice president of OP 2 Realport, which has purchased some Lakeland-owned property, declined to comment. So did Jim Stephenson, an attorney handling Lakeland’s receivership case.
Under state law, property within cities goes into forfeiture after five years non-payment of taxes if it’s homesteaded and after three years if it’s not. In townships, the grace period is five years for any residential property. The property can be sold at a public auction the following year.
City and county officials are wrestling with a difficult question: what price they should set that would be low enough to attract interested buyers, but high enough so city officials can recover some of the money they’ve already borrowed and spent on the developments to build roads and extend utilities.
City officials had planned to recoup those costs by charging special assessments on each lot. But like the taxes, those assessments haven’t been paid for several years. In most cases, the amount of unpaid assessments far exceeds the taxes owed.
Counties are responsible for setting a minimum bid price for forfeited properties and offering them at public auction. But it’s the cities that are feeling the biggest pinch.
For three years, no one’s been buying.
And no one has paid the property taxes and special assessments on the lots, which were once planned to be part of an upscale housing development on the city’s south side.
Now, those properties and hundreds more are headed for the auction block after their developers went under, the lots went into foreclosure and ownership reverted to the financing company.
A Times investigation found that in Stearns County alone, properties owned by Lakeland Construction Finance or its subsidiary, LCF Funding, based in the Twin Cities, owe almost $8 million in taxes, special assessments, penalties,we supply all kinds of oil painting supplies, interest and fees that have been accumulating since 2005.
During the housing boom, Lakeland lent millions of dollars to builders and developers across Minnesota, including the St. Cloud area.
St. Cloud, Sartell, St. Joseph and Avon all have Lakeland-owned developments that will go into tax forfeiture within the next two years unless the back taxes are paid, according to county tax records. That could still happen, but county officials say it’s unlikely because of the amount owed.If so, you may have a cube puzzle .
City and county officials are facing a sticky problem: how to sell the property and get it back on the tax rolls when the market is already flooded with vacant lots. It remains to be seen whether any willing buyers will step forward.
“We don’t know, because we haven’t had this magnitude,” said Diane Arnold, auditor-treasurer in Sherburne County. Arnold is dealing with two Lakeland-owned developments headed for auction next spring — Aspen Hills in Big Lake Township and Whispering Ridge in Livonia Township.
Lakeland, a limited liability company, extended credit to developers, contractors and builders of residential homes in Minnesota, Wisconsin and South Carolina, according to court documents.
Lakeland’s majority investor,If any food Ventilation system condition is poorer than those standards, Avalon Capital Group of Delaware, was founded by Ted Waitt, who also founded and sold the computer company Gateway, making him a member of the Forbes list of the 400 richest Americans.
In a lawsuit filed in 2010 against Avalon, the Bank of Montreal accused the company of using reckless lending standards, quickly approving loans without visiting sites or obtaining independent appraisals, according to court documents. A judge dismissed some of the bank’s claims last year.I have never solved a Rubik's plastic card .
Lakeland collapsed in 2009 and is now controlled by a court-appointed receiver. Its failure left many developments across Minnesota in limbo, with empty lots, overgrown grass and roads that lead nowhere.
Steve Norlander, a former Lakeland employee and now vice president of OP 2 Realport, which has purchased some Lakeland-owned property, declined to comment. So did Jim Stephenson, an attorney handling Lakeland’s receivership case.
Under state law, property within cities goes into forfeiture after five years non-payment of taxes if it’s homesteaded and after three years if it’s not. In townships, the grace period is five years for any residential property. The property can be sold at a public auction the following year.
City and county officials are wrestling with a difficult question: what price they should set that would be low enough to attract interested buyers, but high enough so city officials can recover some of the money they’ve already borrowed and spent on the developments to build roads and extend utilities.
City officials had planned to recoup those costs by charging special assessments on each lot. But like the taxes, those assessments haven’t been paid for several years. In most cases, the amount of unpaid assessments far exceeds the taxes owed.
Counties are responsible for setting a minimum bid price for forfeited properties and offering them at public auction. But it’s the cities that are feeling the biggest pinch.
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