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FORFEITED LAND SALE SETS COUNTY RECORD; NEARLY $300,000 OF DELINQUENT TAXES COVERED; CLEVELAND LAND BANK OBTAINS PRIME PROPERTY

 CLEVELAND, July 21 /PRNewswire/ -- Nearly $300,000 has been raised as a result of the sale of forfeited real estate parcels last week, according to Cuyahoga County Auditor Tim McCormack.
 "Due to the forfeited land sale, the chronic problem of dealing with abandoned properties has been reduced," McCormack today said. "More, importantly, some previously vacant and abandoned parcels may soon be a source of neighborhood pride once they are restored for use."
 According to McCormack, last week's transactions resulted in sales of more than $298,900, a new county record. Last year's auditor's sale established the previous record when $212,885 in real property was placed into new ownership.
 At that sale, about 157 parcels were sold. This year, some 270 parcels were sold.
 McCormack said the average sale price at this year's auction was $1,430. However, 67 properties were sold at a price of less than $100, he added.
 A vacant industrial parcel in Walton Hills sold for $17,500, making it the number one sale, McCormack said. A duplex on East 135th St. in Cleveland was second, garnering a price of $16,000; another duplex at East 106th St. in Cleveland, came in third with a price of $11,500.
 The City of Cleveland's Land Bank also came up a winner in last week's sale.
 Cleveland Land Bank took possession of the old Notre Dame Academy on Ansel Road on the city's east side. The gothic-style structure, which was one of 49 parcels acquired by the city, will be offered to developers for use as a multi-family complex.
 Established in 1979, the city's land bank acquires tax delinquent parcels and sells them for $100 if the owner wants to build a home on the land or $10 to $20 per frontage foot if it is zoned for commercial or industrial use.
 In addition to Cleveland, the cities of Bay Village and East Cleveland also acquired a total of five parcels for their respective land banks.
 "Although the county does not get revenues from land bank parcels, monies will be forthcoming once these parcels are developed," McCormack added.
 -0- 7/21/93
 /CONTACT: Tim McCormack, Cuyahoga County Auditor, 216-443-7010/


CO: Cuyahoga County Auditor ST: Ohio IN: SU:

BM -- CL006 -- 3761 07/21/93 08:41 EDT
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Date:Jul 21, 1993
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