Foreclosure may sock Hollywood in its wallet [South Florida]
Project’s collapse could cost public $1.6 million
Two cornerstone buildings in a project aimed at turning Young Circle into a center of art and culture have gone into foreclosure, leaving taxpayers on the hook for at least $1.6 million in mortgages.
The Young Circle Garage, bought with an $800,000 loan from the city three years ago, goes on the auction block May 17, and the Hollywood Bread Building is being foreclosed while owing at least $800,000 to the city, according to court records. The city never obtained first mortgages, meaning Hollywood is last to be paid if any money remains when the properties are sold.