Looks like those River Run properties are finally moving.
At a meeting on Feb. 9, council took possession of most of the failed real estate development for $500,690.
The decision comes after the municipality tried to unload the properties at a public auction last October. Only two people showed up, neither of them bid.
The municipality has titles to 270 lots, most of which lack basic services including legal transportation routes and access to utilities.
“We have in excess of $1.2 million in outstanding taxes off of this development and we would have to go through writing that off,” said CAO Sheldon Steinke at a council meeting on Feb. 3. “So, that’s the process we’ll be coming to council with as we move through this. To write off the uncollectable taxes and take the properties back under title of the municipality.”
In a Nov. 18 letter, the municipality’s legal representative Alvin Kosak of Brownlee Law advised council to take title to the land parcels under the Municipal Government Act.
The half-million dollar price tag represents market value as established by a third party appraiser.
In 2005, Bridge Creek Development acquired the land from the municipality intending to create a housing project called River Run. Bridge Creek had originally proposed the development of an upscale hotel, executive townhouses and family homes on the expanse of land.
Three hundred and eleven lots were created out of the 52-acres but none of the developments had been completed when the company declared bankruptcy in 2010.