The Montgomery County Commissioners approved a change in the terms of a loan with the owners of a building in downtown Lansdale Thursday that could get the vacant structure back on the tax rolls.
The loan modification essentially puts the county at the end of the line when it comes to dividing up the proceeds of selling 3-11 North Broad Street. County First Deputy Solicitor Josh Stein told the commissioners the property owner is upside down with its obligations.
“The property has been on the market for a number of years now and unfortunately there hasn’t been any takers at a amount of debt that would allow it to satisfy all of the outstanding loans, including the county’s loans, municipal leans as well as a commercial mortgage, which is senior to the county’s mortgage as well.”
The property owner owes the county 343,000. It also owes Lansdale more than 18,000 in back taxes. Borough Manager Jake Ziegler told the Commissioners the vacant building is in a strategic location.
“It’s on Broad street, abut two blocks away from our Main street and it’s also located very close to the area that the Borough is trying to redevelop.”
The building used to be the headquarters of community housing services, a now defunct non-profit.