Mayor and City Council? Are you watching this? This is how you help and SERVICE your constituents;
The troubled City View apartments are in receivership — and may be headed toward a sale.
According to the court documents, City View’s owner owes the bank nearly $750,000 for past due interest, taxes, and insurance. Management originally borrowed $16.5 million but owe about $18 million in total.
The bank asked a judge to step in and have a third party manage the property, which is what led to the receivership.
Court documents indicate the bank requested the receivership hoping to satablize the apartments operations. It has also started a process that could lead to the sale of the property.
This should have happened in Sioux Falls a year ago. But with our piss poor state laws on consumer protection (more like business protection) they just kind of sit on their hands. And if you are really doing something THEN TELL US!
Yes, indeed, our local developers and major landowners undoubtedly hold a massive hegemony over our local political leaders and their bureaucrats.