HISID files more than $300K in foreclosures
HOLIDAY ISLAND -- The Holiday Island Suburban Improvement District filed a notice of "delinquent lands" in June on more than 200 lots, representing more than $300,000 in assessments and penalties for failure to pay by the Oct. 17 deadline last year.
District office staff member Regina Reynolds reported the district foreclosed on 232 lots, for a total of $304,929.74. As of this month, however, there have been 20 dismissals, representing $14,553.39 in payments.
The foreclosure dollar amount is elevated this year, she said, because 122 of the lots are owned by Capital Source, the financier for National Recreational Properties Inc., and 16 are owned by Baldwin-Shields, another investor.
"We've never had anything like this," Reynolds said of the high-dollar figure. "NRPI really affected us."
Some of the Capital Source and Baldwin-Shields lots are two to three years delinquent. Were it not for those properties listed among the foreclosures, the number would be pretty typical of any given year, she added.
Property owners with delinquent payments have until October to pay up, when the district will attempt to sell the lots at the Eureka Springs courthouse. Anyone buying such lots will have to hold them for two years, during which the original owner has a right of redemption by paying any taxes and fees due.
Office Manager Marilyn Clave recently reported that dollar-wise, the district has collected about the same amount in assessments as it had this same time last year. The figure is affected, however, by the fact that the district's recent Assessment of Benefits raised assessments on developed, R-1 lots by almost $200, and it is too early to tell whether total budgeted income will be forthcoming by this year's deadline.
Commissioner Ken Ames said at the last business meeting the district still has $867,000 to collect to meet this year's income projection.