City of Lakewood Buys Barry Buick Lot?

[Bill Call]

For one day.

Transfers are listed with no sales price.

Anyone out there know why the City would take ownership and give up ownership in one day?

Does anyone know how realestate is bought and sold without revealing the purchase price?

If realestate taxes are based on the most recent sale who determine the taxable value?

[Amy Martin]

What happened to the Solove Development planned for that parcel?

[Dan OMalley]

For one day.

Transfers are listed with no sales price.

Anyone out there know why the City would take ownership and give up ownership in one day?

Does anyone know how realestate is bought and sold without revealing the purchase price?

If realestate taxes are based on the most recent sale who determine the taxable value?

This is a legal requirement when a TIF is involved. The city must take title, if even for a day. Actually a sign that the development project is moving forward.

[Bill Call]

This is a legal requirement when a TIF is involved. The city must take title, if even for a day. Actually a sign that the development project is moving forward.

Thank you.

Do you know the purchase price of the land for those three parcels?

They don't know it yet but the City is going to miss you.

[Dan OMalley]

This is a legal requirement when a TIF is involved. The city must take title, if even for a day. Actually a sign that the development project is moving forward.

Thank you.

Do you know the purchase price of the land for those three parcels?

They don't know it yet but the City is going to miss you.

Thank you Bill.

I do not remember the price but it’s knowable/public information. The purchase price was paid by the developer, not the city. The city was briefly in the chain of title to satisfy the TIF requirement.

[Richard Baker]

Interesting, did the City hold a hearing?

[Dan OMalley]

Interesting, did the City hold a hearing?

Yes. Here’s the video. Hearing also explained a lot more about how TIFs work and how they can vary.
https://onelakewood.granicus.com/player ... irect=true

[Bill Call]

Thank you Bill.

I do not remember the price but it’s knowable/public information. The purchase price was paid by the developer, not the city. The city was briefly in the chain of title to satisfy the TIF requirement.

I submitted a public records request to the City of Lakewood.

Sometimes buyers try to hide the actual sales price by buying the LLC that owns the property instead of buying the actual real estate. They can lower their property tax bill by understating the actual sales price.

Does the City investigate those transaction to discover the actual sales price?

[Dan OMalley]

Thank you Bill.

I do not remember the price but it’s knowable/public information. The purchase price was paid by the developer, not the city. The city was briefly in the chain of title to satisfy the TIF requirement.

Does the City investigate those transaction to discover the actual sales price?

The sale price is publicly disclosed by both parties when the deed is recorded by the county.

[Bill Call]

https://www.cleveland.com/realestate-ne ... holes.html

In 2018 the Plain Dealer printed an article exposing how companies avoid taxes and fees by hiding the purchase price.