earlier published and televised reports had the purchase price for the river front parcel at something like $8 million; that was when the Trask Group was talking about $4 million for land acquistion. But the same reports noted there was a mortgage of approximately $12 million.
So how will this work? Will the land owner be pulling $4 million from his pocket to pay down the mortgage so he can then sell it for $8 million?
But wait, how can he do that when it's reported he has outstanding back property taxes.
Or, is the lender going to approve a short sale to allow the property transfer for $8 million?
But wait, normally short sales do not begin unless the property is in some stage of foreclosure. And, normally, it can take up to 6 months for the short sale to wend its way through the approval process.
So how is this land transfer going to work?
And is that why there is such a rush to get something on paper? To keep the lender at bay?
These questions, and more, need to be addressed before the city council commits the taxpayers to another folly.
And what about the reports the property has some tainted aspects which require remediation?
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