Greater Erie Industrial Development Corporation Bankruptcy Sale

As the Greater Erie Industrial Development Corporation winds its way through bankruptcy court, several parcels of unused property are now up for sale. Erie County is still owed about $3 million dollars for an unsecured loan to the GEIDC which is unlikely to be recovered. Erie County officials were sure it was a great investment. Taxpayers lost.

Now, county council is committing $60,000 of your tax dollars (supplementing foundation grants of $300,000) for a community college feasibility study leading to a potential commitment of millions more for a project already rejected as unnecessary in 2010. On a related note, county council raised property taxes for 2017.

Bankruptcy sale notice below:

Bankruptcy Notice of Sale In Re: Greater Erie Industrial Development Corporation

Bankruptcy Case No. 16-10389-TPA
Balance of the Real property comprising the former International Paper Site and also known as:

the Dunn Brick Yard consisting of 15.42 acres of commercial property
bearing Erie County Tax Index Number (15) 021-014.0-100.00;

AND the South Yard consisting of
21.44 acres of commercial property
bearing Erie County Tax Index Number (14) 011-006.0-102.01;
14.3 acres of industrial property
bearing Erie County Tax Index Number (14) 011-008.0-100.00, and
13.62 acres of industrial property
bearing Erie County Tax Index Number (14) 011-008.0-101.00;

AND the North Yard consisting of
0.3028 acres of residential property
bearing Erie County Tax Index Number (14) 011-002.0-502.00

— the legal description of all of said properties can be found in Record Book 1277, page 942 in the Erie County Recorder of Deeds.

Sale to be held: January 18, 2017, at 11:30 a.m. at the U.S. Courthouse, Bankruptcy Court, 17 South Park Row, Erie, Pennsylvania 16501
Objections due: January 9, 2017

Initial Offer: $800,000.00 Higher and better offers will be considered at the hearing AS IS; CASH OFFER; Inspection and Title Contingencies per Contract

Contact: Joseph B. Spero, Trustee, 3213 West 26th Street, Erie, Pennsylvania 16506, Phone (814) 836-1011, sperolaw@neohio.twcbc.com For Information, description, and photographs: www.pawb.uscourts.gov/easi.htm