Submitted by lmcshane on Sun, 06/10/2012 - 09:31.
Victims of Plymouth Park: Contact Attorney James McEldrew, III, at ( 215) 545-8800 or 123 S. Broad Street, Suite 1920, Philadephia, PA 19109 email
jim [at] mceldrewlaw [dot] com">jim [at] mceldrewlaw [dot] com
Who invited Plymouth Park???? Let's look to Youngstown for some answers:
The sale of tax liens to private debt collectors
involves important policy tradeoffs for city and county officials to carefully consider. In
the short term, tax lien sales can provide local governments with much-needed revenue,
but in the long term it can delay the revitalization of vacant properties and make it more
complex and burdensome by taking away local control over the property and placing it in
the hands of out-of-state private tax lien purchasers; such investors typically do not live
in the city and have no interest in neighborhood well-being.
Prior to 2004, the City of Youngstown and Mahoning County independently exercised
their tax collection authority by foreclosing on tax-delinquent properties. Recognizing
that the high number of such properties within the county and for a large part of the city
represented both a drain on the system and a potential source of revenue, the Mahoning
County Treasurer petitioned the State of Ohio for the right to bundle and sell tax liens
through a negotiated sale. The county received permission and, in 2004, bundled and sold
12,000 liens to American Tax Funding Services (ATFS), extinguishing $38 million in
debt. The contract with ATFS includes reselling any new liens in the previously
purchased bundle for a period of five years, with each lien remaining on the properties for
six years unless paid or foreclosed on by the lien holder.15 The sale and resale of tax liens
has created a very complex process.
And, of course, in Cuyahoga County, where the sale of tax liens was "pioneered" in 1998 by he-who-shall-not-be-mentioned-- the very complex process means administration and sale of tax liens avoided the big fish tax scofflaws $$ like Gus Frangos:
Nothing fishy there!