The judgment says CityVest failed to pay the principal and interest on a loan from the county while allowing the property to go uninsured, despite the county notifying CityVest officials of the default in
Read the judgment
A business called LAZ Parking has been using the property as a paid parking lot since the hotel was demolished last summer.
"It does give us the authority to garnish any sort of income that CityVest may gain," Pedri said, adding that he wrote to LAZ in June saying the county has action pending against CityVest and to stop payments to the nonprofit. "This gives us the authority to collect any and all funds from the parking fees."
The county is looking into potential litigation over money previously collected for use of the property as well, he said.
The amount of money on the line isn't clear, Pedri said. CityVest agreed in January to open its books for his review, but he said they then failed to follow through.
"They reneged on their offer," Pedri said.
Any money recovered will go to community development, rather than the general fund, because the
The county has appealed that determination.
Money from parking fees could possibly be the only reimbursement the county ever sees.
Despite the county having a
The city has plans to foreclose on the property and bring it to a public sale, at which point the city intends to acquire the site for development, he said.
That means the county won't get anything unless a bidder goes higher than the lien the city has on the property.
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