An Akron, Ohio judge recently issued a final decree of foreclosure to the owners of the Rubber Bowl football stadium, a report by the Akron Beacon Journal says. If the owners are unable to settle back taxes on the property, it will be transferred to the Summit County Land Bank and demolished.
Team 1 Properties of Canton bought the Rubber Bowl from the University of Akron in 2013 for $38,000. According to the report, the company owes $196,166.93 in back taxes in 28 days.
William Corgan, an attorney representing Team 1 Properties, says the company isn’t willing to pay the money unless they are assured the property can be operated as a music venue. Corgan says the company presented the city with a music venue plan in April that created a public-private partnership between Akron and Team 1 Properties where the company would gift the building to the city, which would then lease it to the company in return. The city rejected the plan and the building began to become a safety concern.
County prosecutors, on behalf of the Summit County Land Bank, began movement to foreclose on the property in March, the report says. Patrick Bravo, executive director of the land bank, says the organization hopes to have ownership of the property by Thanksgiving.
According to the report, the land bank’s participation speeds up the foreclosure process, which can sometimes take years.
Initial demolition cost is estimated at $200,000 that will cover emergency partial demolition, including the scoreboard area and press box. Half of the stadium, which props up George Washington Boulevard, will remain until the city makes a request for state capital funds to help pay for the demolition costs for the remaining half.
Team 1 Properties of Canton bought the Rubber Bowl from the University of Akron in 2013 for $38,000. According to the report, the company owes $196,166.93 in back taxes in 28 days.
William Corgan, an attorney representing Team 1 Properties, says the company isn’t willing to pay the money unless they are assured the property can be operated as a music venue. Corgan says the company presented the city with a music venue plan in April that created a public-private partnership between Akron and Team 1 Properties where the company would gift the building to the city, which would then lease it to the company in return. The city rejected the plan and the building began to become a safety concern.
County prosecutors, on behalf of the Summit County Land Bank, began movement to foreclose on the property in March, the report says. Patrick Bravo, executive director of the land bank, says the organization hopes to have ownership of the property by Thanksgiving.
According to the report, the land bank’s participation speeds up the foreclosure process, which can sometimes take years.
Initial demolition cost is estimated at $200,000 that will cover emergency partial demolition, including the scoreboard area and press box. Half of the stadium, which props up George Washington Boulevard, will remain until the city makes a request for state capital funds to help pay for the demolition costs for the remaining half.
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