This blog is maintained for the sole purpose of allowing the people of Peru and those interested in the cities of the Illinois Valley to express their views.
“It doesn’t take a majority to win, just a tireless minority that will keep starting brush fires in the mind and hearts of their fellow men.” Samuel Adams
Friday, March 26, 2010
Mirror Building Has Been Appraised!
Hometown Bank in LaSalle, the holder of the mortgage on the Mirror Building has had an appraisal done and on the current market the value is $590.000 and our loan is 772.000.
3 comments:
Anonymous
said...
Wow - what a drop in value! Are we still able to get the loan or do we need to put up more collateral? I don't understand why we can't afford to pay off the loan. It doesn't seem that large.
Maybe the city should go into the condo business, the Mirror building could be subdivided into some very nice living space with a great view over the Illinois River Valley.
3 comments:
Wow - what a drop in value! Are we still able to get the loan or do we need to put up more collateral? I don't understand why we can't afford to pay off the loan. It doesn't seem that large.
It is my understanding that a loan will be secured by means of available money in our electric fund as security.
Maybe the city should go into the condo business, the Mirror building could be subdivided into some very nice living space with a great view over the Illinois River Valley.
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