SV prepares to foreclose on Target site
by Press-Banner
Jun 29, 2009 | 1421 views | 2 2 comments | 21 21 recommendations | email to a friend | print
The site of the proposed Target superstore in Scotts Valley will face foreclosure on July 1 if land owner Title Two Investment Corp. does not pay more than $310,100 it owes the city in back property taxes.

Scotts Valley city attorney Kirsten Powell recommended in a report to the city council that the council authorize city staff to pursue foreclosure on July 1 -- the day after the fiscal year ends -- until Title Two pays the delinquent tax or enters into an agreement to pay the balance.

This is not the first time the La Madrona Drive property has faced foreclosure.

The city nearly began the foreclosure process in April, but Title Two, at that time paid, $174,400 it owed from April 2008 which delayed the process. The company is currently delinquent on both its December 2008 and April 2009 payments.

If Title Two pays the tax before the July 1 council meeting, the item will be taken off the council’s agenda.

Read the full story in the July 3 issue of the Press-Banner.
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Foreclosed
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June 29, 2009
Given there history no one should feel too sorry for this business if the City forecloses on them. CMR doesn't seem to have given much leniency to the firms that it deals with. According to SEC filings CMR Fund and Dave Choo (President and fund manager)which owns the proposed Target land foreclosed on 20 different borrowers in April 2008. See the SEC filing that states "On April 9, 2008, the Manager, on behalf of the Fund and three other funds it manages, foreclosed on 20 of 22 properties" the reference can be found at http://www.sec.gov/Archives/edgar/data/1397396/000110465909019705/a09-8321_110q.htm#Parti_FinancialInformation_040811
Deal already done?
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June 29, 2009
Why the wording "or enters into an agreement to pay the balance." What does this mean? Clearly an agreement to pay the balance means nothing. Why would the City even consider such a toothless agreement? Either H. David Choo or his corporation pays their entire tax bill like everyone else or the City should foreclose.

Keep in mind this is no ordinary citizen or corporation. Title II is the largest delinquent tax payer in the County and David Choo is the 11th biggest delinquent tax ower to the State of California. Title II had delinquent taxes owed to the City from 4/10/08, from 12/10/08 and 4/10/09. H. David Choo previously made the list of "The Bay Area's 45 Worst Slumlords, Real Estate Speculators, Gentrification Profiteers and Other Contributors to the Housing Crisis". Why would the City of Scotts Valley settle for anything less than the full amount owed. According to the County Tax Collectors office, the county returns all partial payments and only accepts payment in full. Why is the City Council considering a special deal to collect a partial payment to stop foreclosure?



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