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Foreclosure clouds reuse of 146 Rt. 15 property; bank reportedly seeking about $330,000
Summary
Bob Mulcahy told the JCDC that Attorney Andy Montroll said the 146 Rt. 15 property (owned by the late Jesse Larock) is in foreclosure and the bank holding the note no longer operates in Vermont; Montroll said the bank is likely looking for about $330,000 to cover its costs.
At the July 23 JCDC meeting, Bob Mulcahy reported on two Rt. 15 parcels discussed earlier in committee meetings. Regarding 146 Rt. 15, Mulcahy said Attorney Andy Montroll told him the property is in foreclosure and the lending bank—which previously was a Vermont bank—no longer operates in the state.
Mulcahy reported Montroll's assessment that the bank is probably looking for about $330,000 to cover its costs regarding the property, a sum that the minutes say makes cooperative redevelopment for affordable housing unlikely. The minutes do not record a direct quote from Montroll; the committee recorded Mulcahy's summary of that conversation.
