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, firstname.lastname@example.org For Information, description, and photographs: www.pawb.uscourts.gov/easi.htm