Displaying items by tag: foreclosure

Summit County foreclosed on the Rubber Bowl this week, saying stadium ownership group Team1 Marketing owes nearly $200,000 in back taxes. But one of the partners of Team1 says his group has a plan to not only pay off the back taxes, but bring music festivals to the decaying facility.

Sean Mason would like to see the city assume ownership of the property and lease it back to Team1. That would allow the city to more easily change the property's zoning. Mason says it would also prompt an investor to come on board to assist with the renovation of the stadium, which has gone largely unused since The University of Akron left for Infocision Stadium after the 2008 football season.

Mason joined Jasen to discuss his plan and address the concern held by some that the plan is unfeasible.

A new revision in Ohio state law made it possible for a vacant 92-year-old Akron bungalow to sell for $1 at a sheriff's sale last month. 

The Akron Beacon Journal reports that the home is the first to sell for so little in Summit County since the passage of House Bill 390 last summer. 

Under the new "fast-track foreclosure bill," vacant homes can now be sold for less than two-thirds their appraised value at public auctions in Ohio. The bill also decreases the time abandoned can be wrapped up in foreclosure lawsuits to as little as six months, in an effort to eliminate criminal activity or further deterioration. 

The winner of the auction on that $1 Akron home was Citizen's Bank, reportedly unchallenged by any other bidder.