Article Courtesy of The St. Petersburg Times
By Dong-Phuong Nguyen
Published January 18, 2009
NEW TAMPA | When Jal and Shiraz Irani moved into Cory Lake Isles, they thought they'd found paradise. The developer had lined the streets with miles of brick, planted dense tropical foliage along the winding entrances and created a private beach and a fish-filled lake. The Iranis pay a few thousand dollars a year in community taxes for the amenities. But apparently, that may not be all they have to pay. The couple was stunned to discover recently that the house they bought two years ago carries a massive debt: $23,093.
The Iranis are among 65 homeowners in the northeast Hillsborough development who are on the hook for a $1-million bond debt taken out more than a decade ago by the developer who built the community. The homes are scattered throughout the development and it's unclear why only 65 of the roughly 1,000 are affected.
If the developer doesn't pay, liens can be placed on the homes. And if the owner ever decides to move, it will be virtually impossible to sell the house with a title that doesn't come back clean.
"Obviously, you have to inform the prospective buyer," said Realtor Russ Perkowski. "With as many homes that are on the market, I think a lot of buyers would look for something else."
Embattled developer Gene Thomason has been
To develop Cory Lake Isles, Gene Thomason borrowed $20-million that is being repaid with a tax on the properties. But homeowners say they did not know of another bond he took out, and they could be on the hook if he fails to pay it off.
fighting with residents for at least five years over his handling of the community's finances. For years, homeowners have accused him of mismanaging their money and spending it on personal projects. They have taken their fight to court.
"Just when I was thinking nothing more can surprise me, I am surprised," Shiraz Irani said. "This is shocking."
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