CG3 (Colorado)
Posts: 5
Posts: 5
Posted:
Looking for any suggestions as to what to do or how to get out of this mess. Acquired a detention pond through a treasurer's deed process. Yes, we realize we should have done due diligence yet now we want to salvage anything rather than to go bankrupt. The detention pond was set up to service neighboring businesses…the developer, we discovered, never transferred this to the shopping center and the property became orphaned. The city (Aurora) and county (Arapahoe) assessed the property as a commercial lot and taxes were in default. We paid the taxes and now have the lot. The lot is just a detention pond and really hasn't any commercial value unless someone wants to construct an island over the pond. The neighboring business refuse to cough up any money to maintain. The county and city say it is a private matter and don't want to get involved. It appears that we and heirs are now stuck with maintenance and the city has started to send us notice of violations. Any suggestions???????? We can't sleep at night.