Friday, December 08, 2006

Calendar: Vacant Land Management in Pgh - hot news with buy-back of tax leins.

Forum: Green Strategies for Vacant Land Management in Pittsburgh is Wed Dec 13 noon to 1:15.

Pittsburgh to pay MBIA $6.5 million for tax liens Pittsburgh to pay MBIA $6.5 million for tax liens By CHRISTINE RICHARD, BLOOMBERG NEWS

Pittsburgh Mayor Luke Ravenstahl said the city will buy back tax liens from bond insurer MBIA Inc. that were used as collateral for debt securities and have been blamed for holding up redevelopment of the city's most blighted areas.

Pittsburgh will pay $6.5 million for the liens on about 11,000 derelict properties, according to an e-mailed press release yesterday from the mayor's office. Armonk-based MBIA controls about three quarters of all real estate with tax liens in Pittsburgh, and nothing could be done to improve the properties until the bills were paid or MBIA wrote them off.

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