A tax foreclosure auction on the Montgomery Complex, 25 Canal Bank Road, is scheduled for noon Saturday, in order to secure the back taxes on the property by the Connecticut River and Windsor Locks Canal.
The current outstanding tax liability owed by Canal Benk Realty is $403,342.20, with interest accruing monthly, officials said. The town also has liens against the property for the expenses related to a fire that destroyed a part of the mill complex on July 16, 2006.
The property has been appraised at $900,000.
Patrick McMahon, economic development consultant for Windsor Locks, said there has been some interest in the property from various developers.
“We are hopeful that a developer will bid an amount that is acceptable and have a use that would be compatible with its downtown location," McMahon said. “We are eager to see the results on Saturday.”
A foreclosure sale was originally planned for . A day before the sale was to take place the property owners declared bankruptcy. This delayed the proceeding but officials continued to press the town’s rights and received a relief of stay in order to pursue the foreclosure sale.
The redevelopment of the property is part of town officials’s hopes to revitalize Windsor Locks’ downtown. Those plans also include relocating the commuter train station back to downtown as part of the New Haven- Hartford- Springfield commuter rail project.
The property consists of three contiguous parcels of approx. 3.38 acres of R-DRD zoned land with two buildings plus detached garage comprising of approx. 255,446 sq. ft. of old mill structure. The property is listed on the National Register of Historic Places. It is expected that apartment or condominium developers will have interest in this property.