“We think the building ought to bring $300,000 to $500,000,” Thompson said. “It ought to sell for more than that, but we’re in a tough economy right now, and a building like this will take a lot of money to get it up to speed.”
The sales will go toward more than $1 million owed to PNC Bank, which loaned the former Y $1.2 million in 2009 to build its new aquatic center. After defaulting on the loan, the Y fell into receivership. The Turner Foundation, which agreed to help the former Y with the loan on a limited basis, is now being held responsible for the debt.
At one point, Lake Avenue Christian Church was in line to purchase the building last year, bidding $305,000 with hopes to turn the facility into a church and community center. That amount is less than a third of the debt, so Clark County Common Pleas Court ordered an appraisal to determine the true value of the complex on the Turner Foundation’s behalf. The property was appraised for $360,000 in November.
Lake Avenue Pastor Randy Warner said the court order and subsequent appraisal “sent up some red flags.” He said after discussing matters with the congregation, they decided not to pursue the building further.
Meanwhile, the Turner Foundation is embroiled in a legal battle with PNC Bank over the $1.2 million loan. A court date has not yet been scheduled, according to the Common Pleas Court. Calls to Matthew Sorg, court appointed receiver, and Turner Foundation attorney Glen Collier were not returned.
Contact this reporter at (937) 328-0371 or emason@coxohio.com.
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