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Orem development in danger of foreclosure, again

Orem development in danger of foreclosure, again

Posted - Sep. 30, 2010 at 8:08 a.m.



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OREM -- An Orem City development could be in danger of foreclosure for the second year in a row. Midtown Village has missed multiple deadlines to pay its taxes twice now.

When construction began in 2004, the $75 million, seven-story project was supposed to be the standard for development along State Street in Orem. It included condos, shops, offices and even a six-bedroom penthouse.

But years later, it still sits partially finished with only a handful of condo owners and a couple of businesses. Some in the city say it's an eyesore. Orem City has started foreclosure proceedings because the owners of the project missed their payment deadline for the second year in a row.

The Daily Herald reports the city says the owners need to come up with $300,000 by Dec. 1 or it will move forward with foreclosure.

Last year the project owners missed their payment deadline, but the city held off on foreclosure and the money was paid late in the year.

An assistant city attorney tells the paper he's almost certain one of the parties involved will come up with the money because no one wants a foreclosure.

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