Downtown publishing company may be leaving
http://www.vindy.com/news/2013/feb/18/pig-iron-owner-seeks-support-to-save-dow/ (http://www.vindy.com/news/2013/feb/18/pig-iron-owner-seeks-support-to-save-dow/)
This would be a profound blow to the arts community in our beloved city.
Why didn't he just pay his taxes?
Did anyone notice the Mahoning County Delinquent Land Tax Notice in the December 4, Youngstown newspaper? It was a 16-page section.
When the county sells the tax liens to a Florida company, it just sets the property owner up for disaster. The Florida company tacks on excessive fees and interest rates which accelerates the total tax debt.
I believe the current Mahoning County Treasurer Dan Yemma discontinued the sale of the tax liens to the Florida company.
But if the property owner just pays their taxes ob time there is no way for the lien to be sold.
Jay, please stop spewing propaganda again. You have no expertise nor background in tax certificates, I do and you are unqualified to make public and mislead.
This is the problem with Youngstown leaders coming from the ranks of the uneducated. Everyone is an expert.
What incentive is there to pay property taxes? What do we get for the money? About 3/4 of the tax goes to the school district, which is a complete failure in just about every way. Just a pittance actually goes to the services that all property owners need such as police and road maintenance. Property owners in Youngstown are being screwed.
One of the big impediments to the reuse of real estate in Youngstown is the fact that most properties have negative value to begin with due to tax liens. Since the city has been redlined for gas drilling these properties do not even have the ability to pay their own way back into some productive use.
The incentive is to pay your taxes so you don't loose your building.
For my part, I am no expert on tax topics, and I won't pretend to be, but I do have questions ... [1] is Pig Iron Press generating positive or negative revenue overall? [2] Just how much money does Pig Iron Press generate from it's poetry reading sessions verses the utility costs and any other costs to the business? [3] How many books and other publications does Pig Iron Press publish and at what cost to the publisher? [4] How many are published in house verses outsourcing? [4] How many publications are sold in area bookstores? [5] How much effort is placed in marketing the books that are published via newspapers, and other media so that the public would know about the publication verses word of mouth?
One of Jim's biggest problems is that he is evidently fearful of computers, and still does his publishing the old way. I don't understand people who are fearful of tools, and a computer is just a tool. Jim's sales volume is so small that it apparently doesn't justify the expense of operating a building. ground floor space in downtown Youngstown is becoming scarce. Its time for Jim to move on and for that space to be put to more productive uses.
Fundraiser #2 for Pig Iron Press with Pig Iron Literary & Art Works (https://www.facebook.com/PigIronPress?ref=stream&group_id=0), 26 North Phelps St. Friday, March 1, at Pig Iron, 4 to 10 pm. BEER AND WINE TASTING EVENT!
$20 covers your drink along with a variety of cheeses, savory beer pairings, live music and a Chinese auction. What a deal . . .and a chance to help Jim successfully jump his own fiscal cliff!!! Come one, come all!
Make no mistake about it, I like Jim, and he did a good job binding my manuscript at a very reasonable price, but there comes a time when he needs to sit back and look at relocating his business to smaller quarters. If he had an in house press and the gear that goes with it, I could see why he would need that much space, but he doesn't, so I would hope that he would look to smaller quarters.
Does the bulk of his business come from his copying service? If so, it would be to his advantage to relocate somewhere downtown, surely there is a place that would better serve his needs.
Sooner or later the folks holding the mortgage on his building are going to act to take it over and tell him to vacate, and then it will be too late, and I'd hate to see that happen.
I visited the Pig Iron Press fundraiser today. I had a chance to tour the whole building. It would be a shame for the local owner to lose this establishment.
What happens now to the Pig Iron Press?
http://www.vindy.com/news/2013/mar/05/pig-iron-press-building-sold-at-sheriff8/?nw (http://www.vindy.com/news/2013/mar/05/pig-iron-press-building-sold-at-sheriff8/?nw)
Unbelievable!
:( :( :( :'( :( :( :(
At least the men who bought the building have a positive track record downtown and that is good.
I truly don't understand what is going on. If the remaining balance is paid in 30 days, does Mr. Vilanni get to keep his building and business?
The account in the newspaper stated that Mr. Villani made a good faith attempt to come up with the money he owed to the lien sharks. For a shortage of only $1,328, he is going to lose his building and his livelyhood. I would have hoped that Sheriff Green would have realized the injustice here and postponed this action.
I'll lend him the $1000 plus now and someone go tell him.
Of all my years in distress real estate, I never heard of a foreclosure wherein, 1/5 th of the cost was tendered at the auction. I would think the auction could be vacated if Villani comes forth with the balance in a timely manner.
I tried to loan Mr. Villani the money last year if he would agree to increase his business with a bulk food grocery store similar to what we have in Poland. We met seveal times and I only wanted to be secured as a partner. His response to our mutual friend an atty., was not what I was accustomed to as a businessman so I never moved forward. But for the life of me, I never thought he would allow a fire sale............but you know, if he got $90,000, maybe he is dumb as a fox.
So how much money does Jim actually walk away with after all the fees etc are deducted? He'll still have his equipment etc, and there would be nothing to stop him from setting up shop elsewhere. Jay made a good point, there are empty storefronts on the West Side that he could relocate to and lease. The same is true with the North Side. He certainly doesn't need a large building like the one he had.
Curious:
Also on the block at Tuesday's sheriff's sale was Villani's home on Brookwood Drive in Boardman. The home received no bidders and will be available at the next sheriff's sale March 19.
Villani said that he is considering exercising his right to redeem, a tenet of foreclosure law that would nullify the sale of the Pig Iron building if the unpaid tax bill is paid before the sale is confirmed.
He will first determine what his financial gain from the sheriff sale will be before deciding whether to exercise the option. Villani has had a series of fundraisers to pay the tax lien and has another one planned the first week of April.
In any event, Villani said he plans to keep Pig Iron Press alive, even if he has to find a new location.
TT, good info.
Villani should partner up with the bidder and maintain space there.
The bidder bid way to high for that building.
Did he put his home up as collateral? It's also on the Sheriff's Sale list.
TT,
If I remember correctly, his home had little or no equity thus the failure to obtain a bid at the auction. Auctions usually begin with a figure representing the debt and appraised value.
http://businessjournaldaily.com/economic-development/pig-iron-owner-considers-options-building-sale-2013-3-8 (http://businessjournaldaily.com/economic-development/pig-iron-owner-considers-options-building-sale-2013-3-8)
The paper is reporting today the Pig Iron Press has been saved.
http://www.vindy.com/news/2013/mar/13/youngstown-pig-iron-press-building-sale-/ (http://www.vindy.com/news/2013/mar/13/youngstown-pig-iron-press-building-sale-/)
I've heard that many members of the arts community attended the Pig Iron fundraisers. A lot of small donations are often just as good as one large donation.
This is good news, but it could have been avoided, but Villani isn't out of the woods yet, his Boardman home will be auctioned off next at Sheriff's Sale, so Villani had better think about setting up housekeeping at his downtown building.
Will Villani now have a fundraiser to save his house?
Seems like his current business model is fundraising.