Re: Historic Packard Bridge Collapses
Posted by Packard5687 On 2019/1/29 23:52:01
Quoting "Roger-Detroit":
<i>"Hello Packard5687:
Read your blogpost and there are a few fine points I would like to add.
When Cristini was managing the PMCC Plant those 90+ small tenants reportedly earned him GROSS rents of $1.0 million a month - more than enough to pay the interest, principle, taxes and insurance to the seller he was buying the property from. Trouble was the seller did not pass on the tax payments to the City and the County - he pocketed the $$$ for himself. The City (without doing a title search) began foreclosure against the seller. Neither the seller nor City contacted Cristini to correct the problem in time. The City then brought in the gang squad to evict the rent-paying tenants and began to demo the property.
In you blog you mention that Palazuelo might be foreclosed by the City. That has not been confirmed. What has been confirmed is that the County may foreclose on him - you link to the newspaper article refers to the County. Meanwhile, it is plausible that he is also delinquent on City taxes, but that is unconfirmed."</i>
Thank you for the additional information and for pointing out my error (writing "City" rather than "County"). I read it correctly and wrote it wrong! I always appreciate factual corrections.
<i>"Hello Packard5687:
Read your blogpost and there are a few fine points I would like to add.
When Cristini was managing the PMCC Plant those 90+ small tenants reportedly earned him GROSS rents of $1.0 million a month - more than enough to pay the interest, principle, taxes and insurance to the seller he was buying the property from. Trouble was the seller did not pass on the tax payments to the City and the County - he pocketed the $$$ for himself. The City (without doing a title search) began foreclosure against the seller. Neither the seller nor City contacted Cristini to correct the problem in time. The City then brought in the gang squad to evict the rent-paying tenants and began to demo the property.
In you blog you mention that Palazuelo might be foreclosed by the City. That has not been confirmed. What has been confirmed is that the County may foreclose on him - you link to the newspaper article refers to the County. Meanwhile, it is plausible that he is also delinquent on City taxes, but that is unconfirmed."</i>
Thank you for the additional information and for pointing out my error (writing "City" rather than "County"). I read it correctly and wrote it wrong! I always appreciate factual corrections.
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