Urgent plans to auction troubled Grand Bear Lodge property

In a recent government meeting, officials discussed the upcoming surplus auction and the status of the Grand Bear Lodge property in Utica, which has been mired in back taxes and bankruptcy. The surplus auction is set to take place earlier this year, with the auction book expected to be finalized by August 20. Bids for the properties will also be due by that date.

The Grand Bear Lodge, which has accumulated approximately $1.3 million in back taxes, is currently under the management of a trustee following its bankruptcy proceedings. The trustee has filed paperwork to potentially include the property in the surplus auction. Officials noted the importance of marketing the property effectively to attract bidders, especially given its size of nearly five acres and the deteriorating condition of the lodge itself.

The discussion highlighted the possibility of setting a minimum bid for the property, which could be packaged with adjacent land to enhance its appeal. Officials expressed optimism that selling the property would return it to the tax rolls, benefiting the local economy. The village has also indicated specific requirements for future use of the land, aiming to maintain a suitable environment in line with the resort's character.

Additionally, the meeting covered financial matters, including the renewal of a $1 million investment with Spring Valley Bank at a 5% interest rate, reflecting a positive trend in overall yields approaching that rate. This financial strategy aims to bolster the office's fiscal health while navigating the complexities of property management and tax recovery.