- The city says Sycamore Townhomes has not been in compliance for years, citing 339 pink tags and 149 red tags.
- This lead to a court appointed receiver submitting a multi-million dollar plan, that if approved by the court, will hopefully fix issues at the location.
Watch video above to hear about that plan.
Lingering issues at Sycamore Townhomes, where there are currently 339 pinks tags and 149 red tags.
“We're here because there are code violations, and deferred maintenance,” said court appointer receiver John Polderman.
Polderman stepped in as the court appointed receiver back in September, a job that he said has kept him pretty busy.
“Coming up with a plan to address all of the code violations that exist at the property,” he said.
Polderman recently submitted that plan to the court, it involves borrowing up to $16.5 million from a lender to bring Sycamore back into compliance, a task that starts with demolition of buildings.
“Then we're going to put in new dry wall, flooring, appliances, new infrastructure and new pluming,” Polderman said.
Polderman said borrowing the money is needed given the complex loses about $100,000 a month due to most tenants not paying rent. But the owners of Sycamore, believes there's a cheaper solution. They submitted a proposal for a $2.5 million project that would include fixing up about half of the units. Sycamore’s owners did not get back to us for comment, but Polderman doesn't support the plan.
“We can't engage fixing the problem in half measures, that's not the correct way to do it,” he said.
Meanwhile, if the court accepts the up to 16.5 million dollar project. Tenants who are in good standing will be relocated for 18 months until construction is done.
