SV calls off foreclosure of former Target site
by Press-Banner
Sep 23, 2010 | 1555 views | 0 0 comments | 13 13 recommendations | email to a friend | print
Scotts Valley has called off its foreclosure of a 17½-acre parcel on La Madrona Drive that once was slated for a 143,000-square-foot Target store.

City attorney Kirsten Powell said the owner of the land, Title Two Investment Corp., paid the city the $390,607.67 it owed in back property taxes Sept. 16.

With the payment, Title Two avoided foreclosure proceedings.

Of that amount, about $260,000 will go to the city, and the remainder will go to Santa Cruz County.

At its Sept. 15 meeting, the Scotts Valley City Council approved a resolution to proceed with foreclosure of the property if Title Two didn’t pay all the money it owed within a week.

It was not the first time the La Madrona Drive property faced foreclosure.

The city nearly began the foreclosure process in April 2009 before Title Two paid the $174,400 it had owed since April 2008. It also approached foreclosure in July 2009, when the company did not pay $310,100 it owed.

Target Corp., which backed out of plans to build on La Madrona Drive in October 2009, has applied to renovate the 100,000-square-foot space left by Gottschalks in the Capitola Mall.

The proposal will go before Capitola’s planning commission Oct. 7.
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