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Solicitor outlines options and liabilities for acquiring stormwater pond property tied to $1.13 million of judgments
Summary
The borough solicitor told council the stormwater detention basin and adjacent streambank owned by Altieri Enterprises carries mortgage and judgment liens totaling roughly $1,128,407.55; councilors discussed options to acquire the parcel to advance MS4 stormwater improvements and asked staff for direction and follow-up documentation.
The borough solicitor reported that a stormwater detention basin and adjacent streambank—proposed for municipal acquisition to support upcoming MS4 stormwater work—is owned by Altieri Enterprises and subject to an unresolved mortgage and a set of judgments dating to around 2008–2010 that together total approximately $1,128,407.55.
The solicitor explained the legal consequences of buying the parcel while judgments remain active: “If you buy the property after 5 years and the judgment creditor has not revived the judgment, then that judgment doesn't flow through and the new buyer of the property will take that property free of the judgment.” He…
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