Target Plan Not Scrapped Due to Foreclosure Filing
Posted on July 10, 2009
Filed Under Foreclosures | Leave a Comment
Simply because the city officials happen to be pursuing foreclosure versus companies that own a site of a potential Target store does not mean that controversial plans in bringing about discount retailers into Scotts Valley are now being overlooked.
By law, the city has to keep processing the request of this San Francisco to build the retail store in La Madrona Drive. An anticipated report on environmental impact about this project is expected to finish by the end of August.
When it comes to the likelihood of tossing out several plans because of the process of foreclosure, the law would be violated and rights would be taken away in order to develop certain properties.
However, if they lose the overall land, every brand new owner can withdraw from the overall Target plan or just continue following steps in order to vet it out with the help of the public, the commission of planning and eventually, the city council. While this is happening, it is quite unclear if Target would even still have interest in opening their store there.
No representative Target has been reached in order to state where their company stands regarding plans on placing one of their stores between the upscale housing division of Monte Fiore and Scotts Valley Hilton. The very last communication that city officials have had with Target happened in February when the company stated that they would continue evaluating every brand new store project on individual bases in order to find out which projects would be financially feasible within the existing climate of the economy.
Target seems to be reluctant; the same goes for their failure in paying taxes, giving out a very clear signal. It has been argued that the store may be too big for this town which holds a population of more than ten thousand residents and may jeopardize the overall health of businesses within the locality.
If they lose this property, the city should really let it go but it seems that they are reluctant in doing so due to other current setbacks in development all over town. Right now, city leaders are currently trying to look for a place where they can win and they have no plans of giving up until they find this victory someplace.
Last year, several publications had reported that, because of tightening markets of credit, people were seeking to sell several high-profile parcels downtown of San Francisco for around $140 million. Right now, they are listed by the state’s tax board as number ten in having the biggest number income taxes that are delinquent in California.
This happens to be an individual corporation with a flaunting disregard when it comes to following laws and paying bills. It seems that this would not be the kind of company that special arrangements should be made for.
Still, the city really should not judge the viability of this project based on their delinquency. Owners of property do have their rights, no matter if it is someone who wishes to put sheds in their own backyard or someone who wishes to erect a Target in their town. The council has to review all of this while keeping a completely open mind.
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