School District, County, Borough Will Receive Back Taxes

More than $450,000 in back taxes are coming to the Coudersport Area School District, Coudersport Borough and Potter County from the recent sheriff’s sale for the Adelphia Operations Center in downtown Coudersport.  American Metro Bank, a small institution in Chicago, is the new owner of the property as the lone bidder. According to Sheriff Ken Sauley, the bank, which holds a mortgage on the property, agreed to pay roughly $470,000 for full ownership of the building and accompanying property. That represents the amount owed in back real estate taxes and the costs incurred in the property sale. Later this month, the proceeds will be distributed to the three taxing bodies based on the amount of taxes owed in previous years. An estimated $235,000 will be going to the school district, which is currently working on its 2011-12 budget.

Now it’s up to American Metro Bank to find a buyer. Real estate investor Bogdan Klek of suburban Chicago bought the building and grounds for $3.6 million in March 2008. He soon launched an internet-based auction, but did not find a buyer. The 72,000-square-foot brick, marble, granite and bronze structure cost Adelphia about $30 million to build. It was designed to accommodate 275 employees, as well as 260 vehicles on 80,000 square feet of parking space across four lots.