June 1st is the Sarasota County bid closing date for delinquent tax certificate sales from 2010 unpaid taxes. I thought it would be nice to update the previous history about tax certificates for WVID. You can review last years newspaper articles about the subject:
http://www.heraldtribune.com/article/20100610/article/6101086
Basically, a "mystery" company that was just formed in May 2010 came forward in June 2010 with about $7 million to buy the 2008 and 2009 Gran Paradiso delinquent tax certificates. No one seems to know who they are or what they intend to do. I expect "they" will show themselves again in 2011 when delinquent tax certificates for both Gran Paradiso and most of the 5,000 or so acres of undeveloped WVID land become available in June.
If you'd like to know more about how the Tax Certificate and subsequent Tax Sale works in Florida, visit the Sarasota County Tax Collectors website at:
https://www.sarasotacountytaxsale.com/showDocument.cfm?HideMenues=0&document_title=Tax%20Certificate%20Process
3 comments:
I do not think a comany would invest millions in one year and walk away one year later. They must have some plan.
From what I have be told by some involved, the "mystery" group has no interest in telling anyone their objective. I know the WVID met with the group and the group stayed mum. They did indicate they had the money on hand and were looking to invest it in something and 18% interest is not bad. There seems to be some doubt that the group is interested in anything more than the return they stand to collect. We shall see. In the meantime there have been three builders who were interested in coming into Gran Paradiso but it seems Sam Rodgers has not shown any real interest in making a deal.
18% is a nice ROI these days! Its very possible that is all they want. But to get it, a buyer has to come forward for the land. No sale....No ROI. In fact, after 7 years the certificate is WORTHLESS! No interest is paid and even the principle is lost.
State law says that 2 years after the property tax becomes delinquent, any lien holder on the property can request a Tax Sale of the property. The 2008 taxes became delinquent April 1, 2009...so, as of April 1, 2011, a Tax Sale of the property could be held. I wonder if or when someone will make the request?
Post a Comment
Note: Only a member of this blog may post a comment.