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Officials keep an eye on foreclosure action



Published: Tue, November 9, 2010 @ 12:06 a.m.

By D.A. Wilkinson

wilkinson@vindy.com

LISBON

Officials representing Columbiana County and the city of Columbiana are looking at their options in a foreclosure action at Fire-stone Farms.

County Treasurer Nick Barborak said Monday that Firestone Farms, doing business as Meadowbrooke Development, owes the county about $800,000 in back taxes.

Keith Chamberlin, Columbiana’s manager, said the city had put about $5 million into water service for the properties that included several miles of pipes and a lift station at the upscale housing development. He said he hadn’t researched the city’s options for recovering any of the $5 million. Meadowbrooke Development had put in sewers in the development, Chamberlin said.

PNC Bank earlier this month filed an action to recover $7.7 million from Meadowbrooke Development, run by developer Wayne Bacon. The bank foreclosed on the property in 1999.

Parts of the properties are not involved in the case, such as the golf course and the banquet center.

Barborak said Bacon had made two tax payments, each for $233,635, and then stopped.

Barborak said that the good news is that the county taxes on the property will be taken off the top of any sale of the property.

“We get paid first,” he said. “We’re first in line.”

Barkorak said he believes that PNC bank is looking for a buyer for the property.

Tad Herold, an assistant prosecutor with the Columbiana County prosecutor’s office, did not return calls seeking comment on the county’s legal options.


Comments

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