I was hoping that the auction of the Oleo Trust Property on Russell Trust Extension would be an excellent opportunity to acquire some land inexpensively by the Open Space Committee. They would basically purchase the land and the house, sell the home and practically get a large portion of their purchase price refunded.
That was when I found out this was not an auction due to a foreclosure. This is the owner(s) trying to get a healthy price for a large tract of land and the single building. As John P. Wells would say, “There’s no bargain here!” Especially when the future buyer finds out that a large tract of the land will have to be set aside for open space.
Even in this bad economy, the eventual purchaser would have to be someone who has the capability to do real meaningful construction to recoup the ‘buy’ and ready to go in a timely manner before all the permits expire.
It would have been a great gain for the City to acquire the land for open space and enhance the Little River Basin, but unless it is obtained at rock-bottom foreclosure prices, it simply won’t make sense for the Open Space Committee.