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Firm pitches buying McGuffey delinquent tax liens as a cash‑flow tool
Summary
Municipal Revenue Services told the board it can purchase the district’s delinquent real estate tax liens, advancing roughly 90% of recent lien face value and returning later collections; the board was told this is a cash‑flow decision and that most clients use one‑ to three‑year resolutions.
A private firm told the McGuffey board on July 18 it can purchase the district’s portfolio of delinquent real estate tax liens and provide the district with an immediate lump‑sum payment.
"We analyze your delinquent tax liens, and we make an offer to buy all of your delinquent tax liens," Jim Geronimo, president of Municipal Revenue Services, told the board. "We go to our lender and we borrow the money that we need to pay you and the purchase price is based on 90¢ on the dollar."
Geronimo said the purchase price is calculated from…
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