According to the Guilford County Register of Deeds, Kingsgate South Apartments, 605 W Terrell St, Greensboro, NC 27406 has a total appraised building value of $740,400 but according to WFMY-2 the Greensboro City Council loaned LLC Kingsgate Housing Llc. "about half a million dollars for improvements" in 1998 and that Kingsgate has not made a payment since 2009.
Now here's the kicker, according to the NC Secretary of State,Kingsgate Housing Llc is owned by 2 South Carolina developers, United Housing Associates Inc. and UHA-09, Inc. both of 1345 Garner Lane, Columbia, South Carolina, 29210. But I'm being told that a certain Greensboro church by the name of Mount Zion is also an investor in Kingsgate South Apartments.
Is the failure to foreclose on this property by the City of Greensboro a favor to well connected developers or a favor to members of the Simkins PAC?
Update: Loan and incentive info request submitted to the City of Greensboro by George Hartzman.
Previously: How Are Those Loans To Developers Working Out?
