By allowing ads to appear on this site, you support the local businesses who, in turn, support great journalism.
Seller gets no money from $750,000 deal
Placeholder Image
The purchase of 202 Bell Street by the city of McMinnville was completed June 29. According to a statement of actual settlement costs, the city’s purchase price of $750,000 paid all the debt associated with the MPC property, including monies owed to the bank and delinquent city and county property taxes.Seller Jim Dyer walked away with $0.• Gross amount due to seller: $750,000• Settlement charged to seller: $2,400• Payoff of loan to First National: $581,822• Property taxes to Warren County Trustee: $10,013• Property taxes to City of McMinnville: $10,596• Delinquent property taxes due to Clerk & Master: $141,010.• City taxes for Jan. 1, 2017 to June 29, 2017: $2,137• County taxes for Jan. 1, 2017 to June 29, 2017: $2,020 Total reduction amount due seller: $750,000 • Cash to seller: $0 The property was purchased by the city’s Water and Sewer Department. Funds came from city water user fees, not property taxes.