A delinquent landlord is coming back to bite Woodstock taxpayers...again.
Woodstock taxpayers will be taking another big hit on the Capitol Theatre property in 2014.
On Thursday night, the city's operating budget will be presented that will include a tax write-off on the downtown property, according to Mayor Pat Sobeski.
Trouble began in 2010 for the historic theatre building when the roof and part of the back of the building collapsed, posing a threat to neighbouring properties.
The city was force to commence demolition, which came on the backs of taxpayers. The delinquent property owner has continued not to pay taxes and Sobeski says the city is ready to write-off the taxes owing and take control of the property this year. "We anticipate having to take back the Capitol Theatre property. While we've been putting money away into reserves, we probably have to put away another $350,000 - $400,000 on that property to cover the loss."
The identity of the property owner, a woman from Toronto, has never been disclosed by the city.
Sobeski says factoring in the cost of demolition and tax arrears, the city will lose $600,000 to $650,000 on the property. The Mayor figures the vacant parcel is worth, "The lot's probably worth $60,000 to $75,000. It's a kick in the teeth."
So what's ahead for the now vacant land in the middle of the downtown core?
Sobeski says the city is all ears. "If someone comes along with a great idea and says, 'Look it, this is what I'm prepared to build, sell it to me for $1.' we'll take a look at anything."
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