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    Friday, May 03, 2024

    A tale of the former Triangle PWC property and back taxes

    I'm not sure what it is about the former Triangle Plastic Wire & Cable plant site that makes it a black hole for taxes.

    Whenever I've written about the property in the past, two of the standard questions I ask are: have you received any grants to help with the clean up and has the owner paid the taxes?

    When I was talking to Town Planner Carl Fontneau this week about the site, I asked again and when it comes to the tax issue I should have known better. He told me he didn't think the firm had paid.

    Next I called the Tax Collector's office and Richard Grabowski confirmed that no, Working Realty Ltd. owed the town money.

    In fact, the New York City based firm, which bought the property in June 2007, hasn't paid taxes on the portion of the site at 235 E. Main St. since it paid off its previous $254,365 debt in 2009 on the eve of losing the site during a court-ordered foreclosure auction.

    In fairness, Working Realty inherited the majority of the delinquent taxes from the previous owner, but the 2007 sale agreement stipulated that the New York firm was responsible for the debt.

    In 2008 the town sued to recoup the back taxes on the 13 acre piece at 235 E. Main St. and on the smaller 2.3-acre piece across the street at 226 E. Main St.

    On a Saturday morning in Feb. 2009, one of Working Realty's principals presented a bank check worth $57,100 to stave off the sale of the larger piece and paid the balance later. (People who were there said the firm was the only bidder for that portion of the property.)

    The town was left with the 2.3-acre piece to deal with. (Town officials say they're looking for grants to raze the building and clean the site to prepare it for development.)

    It amazes me that Working Realty was able to regain control of at least a portion of the property at the 2009 foreclosure auction by paying off its debt and has now accumulated more debt by again not paying the taxes.

    As of Wednesday, Working Realty owes $10,289.18 on the 13-acre piece going back to July 2009. If it doesn't pay by the end of the month it will owe an additional $4,990. The group also owes $4,175 going back to January 2008 on two smaller properties on Balfour Street that weren't part of the foreclosure proceedings.

    Town officials aren't surprised. What do you think?

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