By JASON COX
Of the Keizertimes
While developer Chuck Sides paid up his local improvement district assessment just in time to avoid a foreclosure auction Tuesday, he left a third behind – one that the county assessor’s office considers to be worth nothing.
The 1.47 acre parcel was purchased by the Keizer Urban Renewal Agency for $602,169 to cover a principal amount of $510,888. The city of Keizer financed bonds that it is ultimately responsible for, regardless of whether the property owners pay the assessments.
How taxpayers may ultimately recoup those funds is yet to be determined. City Manager Chris Eppley said the long run plan was to market the property and sell it to the highest bidder.
“We’ll start by contacting those property owners who adjoin the parcel to see if any of them have interest,” he said.
The Marion County Assessor’s Office does not levy taxes on the property due to power lines that render the property virtually undevelopable.