How did this happen?

By:  Diane Benjamin

Remember in 2014 when a new soccer complex was proposed?

That plan involved relocating the YMCA to south Main where the Great Escape used to be.  The new building would be a community center.  All the planners needed was a tax increase to fund it.  State Farm Bank was owed money on that property and wanted paid.

Here is a story I did back in 2014:  https://blnnews.com/2014/03/14/burying-bailouts-in-quality-of-life-part-2/

I wondered what happened to that property since the Great Escape moved to part of the old Cub Foods.  I looked up the PIN number on the county website:

The property was bought in 2016 by a company in Arizona.  I don’t see this property listed on their website for sale or lease:  http://www.amercorealestate.com/

Since I rarely travel that way, I have no idea what the building is being used for now.  Readers:  Fill me in!

Notice anything funny about this pic?

The sale price of a property should determine the taxable value.  Amerco purchased the property for $2,670,000, but the taxable value is only  $1,789,289?  (537,324 x 3.33)

Here’s part of the tax bill:

The property sold in March 2016 for $2,670,000.

By December 2016 the Fair Market Value was only $1,612,130?

I hope all Bloomington residents protested their property assessment – evidently prices are falling really fast!

(or someone cut a deal)

See the property on the County site here:  http://mcleanil.devnetwedge.com/view/RE/2109452002

The Recorder’s office shows State Farm Bank released the $2,665,000 mortgage:

Um.  The purchase price was slightly above the mortgage which was $1 million+ above the Fair Market Value.  Makes perfect sense!  (NOT)

Hundman Management LLC was involved in the sale.

 

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Comments

  1. Jenifer Petri says:

    Diane, it’s a big UHaul center now!

    Jenifer

    Like

  2. Angela Comens says:

    The entire building is being renovated with bays etc. Uhaul is the company and its huge. We think it also has climate controlled storage also. It’s the only thing that’s in that building and they are using the entire huge lot for all the rental trucks vans etc and customers renting them.

    Sent from my iPhone

    >

    Like

  3. Along with renting moving vehicles, it looks like it has long-term storage as well.

    Like

  4. mittenpaws says:

    The Great Escape was located in the “mall” where Tom’s Groceries used to be. There used to be a General Dollar store which is now located near Famous Daves. Aside from the U-Haul there is an auto parts store. The “mall” is otherwise empty. The only people who go by that property are those who live in that area because the southeast side is a “shopping desert.”

    Like

  5. Speaking of soccer–there were several teams playing on the old Sale Barn property yesterday. There is no lack of places to play soccer

    Like

    • There are many places they can set up fields to use. Unit 5 and ISU could both use money to offset lost state funding. ISU has a ton of space to use over by the golf course on Gregory. Unit 5 has plenty of field space to use. Rent their soccer and FB field space. If you can show you can attract 1,000s of people to rent 1,000s of hotel rooms and fill up 1,000s of chairs at restaurants collecting 11% sales taxes on their bills, then we can talk about dedicated fields.

      Like

  6. Erik Prenzler says:

    Diane, The company in Arizona is U HAUL (or parent company) and the building & parking area is being use for storage units and a staging area for rental moving trucks.

    You find very interestting information! Thanks,

    *Erik Prenzler*

    *Constitution Place, LLC*

    *Bloomington, IL*

    Office, Retail & Self- Storage

    http://www.constitutionplace.net / http://www.ConstitutionPLC.com

    309.829.1700 direct/ 309.824.4459 cell

    Like

  7. Evidently people are maybe moving out and need temporary storage space. LOL It behooves me why the huge need for storage space. The Wildwood office building on Morrissey was also converted into storage space.

    Wasn’t this property part of the joint partnership of some prominent local people? They all said they didn’t co-sign a loan. I never heard the outcome on that. I remember it was in the local gossip newspaper. Gosh was that maybe 2011, 2012 when this was going on.

    Like

  8. The property taxes don’t seem to be increased automatically when someone pays more than the property tax appraisal. I’ve seen it happen on residences too. This seems like a no brainer to increase the taxes when someone buys it higher. They don’t want to decrease taxes either, so I think that it is why they leave them all the same and use the neighborhood multipliers instead. Could be laziness?

    Like

  9. Does anyone remember when that property used to be a drive-in theater? The Sinorak?

    Like

Trackbacks

  1. […] Yesterday I reported on a property that sold in March 2016 for $2,670,000, but it only had a taxable value of $1,789,289 by December 31st.  https://blnnews.com/2017/05/15/how-did-this-happen/ […]

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