City plans land auction to satisfy bond debt

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By JASON COX
Of the Keizertimes

The City of Keizer will sell at auction three properties owned by an original Keizer Station developer.

The process is to satisfy delinquent local improvement district bond debt owed on the properties. The city is ultimately liable for the debt, but has the right under state law to foreclose on said properties if bond installments are not paid.

The auctions start at 10 a.m. Tuesday, October 16 on the Marion County Courthouse steps.

Much of the development has since been sold to a California-based company. That firm, Donahue Schriber, is current on its payments.

The three properties in question are two located adjacent next to Interstate 5 and another behind Lowe’s. The back bond debt on the three properties totals $2.87 million.

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