posted on November 04, 2011 10:29
By Grant Welker
Herald News Staff Reporter
Posted Nov 02, 2011 @ 06:36 PM
SOMERSET —The former J&J Marine site on the Taunton River will be sold at a foreclosure auction later this month.
The boat manufacturing and repair company closed this summer after 21 years, leaving the town with nearly $63,000 in unpaid real estate bills on the property. The company stopped paying its real estate bills in fiscal 2010 — right after it got a tax break after making site improvements in 2009 that allowed it to skip out on personal property taxes for two years, according to town records.
The property is now in tax title, with $62,574 in unpaid real estate bills collecting 16 percent interest. “You can’t just not pay your taxes,” town Treasurer Kathleen Trafka said. “It’s not fair to everyone else in town.”
An auction has been scheduled for Nov. 17 by Daniel P. McLaughlin Auctioneers. It will be held at 11 a.m. at the site, with a requirement that bidders provide $100,000 in cash or certified check at the time and place of the sale.
The 6.6-acre site was last assessed at nearly $1.4 million. J&J Marine co-owner Steve Anderson and the trustees of the A & B Realty Trust purchased the property in 2002 for $750,000.
J&J Marine was opened in 1990 by Jeff Botelho, who became a co-owner when Anderson joined in 1999, according to the company’s website.
The site, at 1 Main St., has two buildings with a combined area of 52,490 square feet, according to the auctioneer, and the property is also permitted to expand the marina to 65 slips.
Mechanics Cooperative Bank holds the mortgage for the property.
Email Grant Welker at firstname.lastname@example.org.
Read more: http://www.heraldnews.com/business/x2086385523/J-J-Marine-will-hit-foreclosure-auction-block-later-this-month#ixzz1ckLawQva