Friday, May 4, 2012
The city of Fulton was not responsible for the debt incurred in the tax increment financing district that includes the Fulton Commons Shopping Center, Fulton City Administrator Bill Johnson said Thursday.
The Fulton Commons Shopping Center in Fulton was owned previously by Dale Nichols of Columbia.
Providence Bank of Jefferson City foreclosed on the Fulton Commons for default of payment of loans on the property.
Johnson said the city of Fulton never was responsible for the debt on the Fulton Commons property. He said the tax increment financing district will continue in the Fulton Commons area for another 15 years and will pass automatically from the previous owner to the new owner.
Johnson said the city also is no longer responsible for the debt on the tax increment district that includes the Dollar General Distribution Center in Fulton. He said that change occurred after the debt was refinanced several years ago.
The Fulton Commons Shopping Center in Fulton is now owned by L.W. Partnership, L.P., a firm that is incorporated in the state of Nevada.
Amber Snider of Columbia, chief financial officer for L.W. Partnership, said earlier the firm recently acquired the Fulton Commons from Providence Bank, which foreclosed on the property.
Snider said the firm is now collecting lease payments from several existing businesses for property it owns in the Fulton Commons area.
Snider said LW. Partnerships now owns buildings leased to Sutherlands Building Materials, Orscheln Farm & Home, Fulton Bowling Center, Senior Apartments, and Big O Tires.