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Date Posted: Friday, July17, 04:04:pm
Author: HEADS UP, p.s.
Subject: Re: Property disposition discussed at council work session
In reply to: HEADS UP CITY AND IDA 's message, "Re: Property disposition discussed at council work session" on Friday, July17, 04:02:pm

From what I heard, the way the document is structure, the city is only on the hook to the extent that it has ownership of the property - when Carchietta owned it, it was 0%, hence no liability... now the city has taken it back through in rem, it owns it 100% - hence the liability. This was a desirable structuring for the bank, since they could then take comfort that they'd have someone to "go after" should Carchietta default.

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