Tools

Hotel Utica avoids foreclosure with new tax payment plan

Story Created: Oct 25, 2010 at 4:07 PM EDT

Story Updated: Oct 26, 2010 at 7:38 AM EDT

UTICA, N.Y. (WKTV) - The City of Utica Comptroller's Office entered into a Delinquent Tax Payment Plan with Hotel Utica on Monday, thus averting the upcoming eminent foreclosure and the taking of the hotel for non-payment of delinquent taxes owed to the city since 2009.

According to City Comptroller Michael Cerminaro, in order for the hotel to enter into a Delinquent Tax Payment Plan with the city, it first had to catch up and pay all taxes due (with penalties and interest) on the property for the current 2010-2011 fiscal year, which amounted to $140,979.27, and then pay the first monthly delinquent tax installment amount for $19,337.22.

From this point forward, all remaining tax installments due in the current and subsequent tax years will have to be paid when due, along with the monthly delinquent tax installment plan amount ($19,333.22) due each month for the remainder of the agreement.

Every effort has been made by all parties involved to ensure that the future of Hotel Utica downtown will remain a viable and ongoing entity, Cerminaro said.
This content requires the latest Adobe Flash Player and a browser with JavaScript enabled. Click here for a free download of the latest Adobe Flash Player.

What's On