The Town of Windsor Locks is again pursuing the tax foreclosure of the Montgomery Complex, at 25 Canal Benk Road, in order to secure the back taxes on the property by the Connecticut River and Windsor Locks Canal.
The auction is scheduled for noon October 6, officials said in a press release Wednesday.
The current liability owed by Canal Benk Realty is $403,342.20, with interest accruing monthly, officials said. The town also has liens against the property for the expenses related to a fire that destroyed a part of the mill complex on July 16, 2006.
The property has been appraised at $900,000.
A foreclosure sale was originally planned for . A day before the sale was to take place the property owners declared bankruptcy. This the proceeding but officials continued to press the town’s rights and received a relief of stay in order to pursue the foreclosure sale.
The redevelopment of the property is part of town officials’s hopes to revitalize Windsor Locks’ . Those plans also include relocating the commuter train station back to downtown as part of the New Haven- Hartford- Springfield commuter rail project.
The property consists of three contiguous parcels of approx. 3.38 acres of R-DRD zoned land with two buildings plus detached garage comprising of approx. 255,446 sq. ft. of old mill structure. The property is listed on the National Register of Historic Places. It is expected that apartment or condominium developers will have interest in this property.
The Committee for the foreclosure is attorney Eric Rothauser. Anyone who wants to participate in the bidding must register with the Committee prior to the auction and present for the Committee’s examination a certified or bank check made payable to the bidder in the amount of $90,000.00. Inspection of the property will commence at 10 a.m.
Qualified bidders will be issued numbers, and bidding will be conducted and recorded by those numbers. The Committee must collect all deposit checks from bidders when bidders register to bid. The successful bidder will be required to endorse the check to the Clerk of the Superior Court at the conclusion of the auction.
A report of the results of this auction will be submitted promptly to the court for approval. The successful bidder must be prepared to pay the balance of the purchase price within 30 days after the approval of the sale. The deposit may be ordered forfeited if the successful bidder fails to complete the transaction within the 30-day period.
The property is being sold "as is," subject to no contingencies whatsoever. There are no representations as to the environmental condition of the property and bidders will have to take that into consideration. A Phase I and Environmental Condition Assessment Form is available on the property.
First Selectman Steven N. Wawruck Jr. said the building has been neglected and its owners are the town’s largest tax delinquent.
“The town is committed to securing the back taxes on this property and hopefully in the process gets a new ownership group that will bring the buildings back to life as a use compatible with its Main Street location,” Wawruck said in a press release.
For more information on the foreclosure sale contact Eric Rothauser at 860-561-1555 or firstname.lastname@example.org.