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:
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.