The failed Revel casino has yet to execute a sale of the property. But its outstanding tax bill at least will be bought, at Revel’s typical deep discount. The $32.5 million tax lien against the shuttered Revel casino that failed to sell at a city tax sale this month will be bought by Wells Fargo in a settlement for $26 million, Atlantic City Mayor Don Guardian said Monday.
After some legal wrangling, three blighted properties on Monroe Street in Wilkes-Barre were demolished. The blighted properties became dumping grounds and the neighbors were bothered by noxious odors for several years. There have also been multiple fires (arson) at the site over the last two-years which have been a great concern for neighbors.
Blighted, and in this case vacant, properties are magnets for vandalism, squatters, dumping and rodents. These properties were jeopardizing the stability of an otherwise nice neighborhood. Repeated fires also created serious safety hazards for neighboring residents. Another issue here, there is an $18,000 tax lien on the property, which is still owned by Christopher Street Realty. The city is being reimbursed for the demolition of the derelict properties.
Kudos to Wilkes-Barre for taking the necessary steps to demolish these blighted properties and making this neighborhood safe and healthy once again!