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BANKRUPTCY PROVES COSTLY FOR
MONTGOMERY COUNTY SCHOOLS.
GOOD EVENING, I'M MARK ALLAN.
I'M KATIE USSIN. THE
MORAINE PLANT CLOSED ALMOST 4
YEARS AGO, BUT AS WE FIRST
BROKE ON WDTN. COM ... THE
BATTLE OVER THE VALUE OF THE
PROPERTY HAS FINALLY COME TO A
HEAD. PAM ELLIOT , ON
ASSIGNMENT, HAS OUR EXLSUIVE,
TOP STORY AT 5:30.
3
KATIE AND MARK, I PROMISED
OUR VIEWERS I WOULD STICK WITH
THIS STORY AND I HAVE. IN
MAY I REPORTED THE CURRENT
OWNER OF THE MORAINE PROPERTY
WAS FIGHTING THE COUNTY OVER
WHAT HE OWED IN TAXES.. TAXES
THAT FUND THE SCHOOLS IN
KETTERING AND WEST CARROLLTON.
TODAY, I GOT THIS.. A COPY
OF A LETTER THAT STATES A
DECISION HAS BEEN MADE THAT
áWILLá COST THE SCHOOLS.
IN 2011...INDUSTRIAL
REALTY GROUP BOUGHT THE ONCE
THRIVING GM PLANT IN MORAINE
FOR JUST OVER $6 MILLION. 2
NEWS ON ASSIGNMENT GAVE YOU AN
EXCLUSIVE LOOK INSIDE IN MAY
OF THIS YEAR. I REPORTED
THEN THAT IRG WAS HOLDING OFF
ON PAYING THE PROPERTY TAXES
OWED BECAUSE COMPANY OFFICIALS
DISAGREED WITH MONTGOMERY
COUNTY'S ASSESSMENT OF THE
PROPERTY'S VALUE. THE
MATTER WENT BEFORE THE
COUNTY'S BOARD OF REVISION IN
OCTOBER. WE WERE THERE AND
NOW WE CAN TELL YOU THAT THERE
ARE NEW VALUES FOR THE 7-
PARCELS OF LAND THAT MAKE UP
THE MORAINE SITE. I ADDED
THE NUMBERS AND WHAT WAS ONCE
VALUED AT MORE THAN 27-MILLION
DOLLARS HAS DROPPED TO JUST
OVER $6 MILLION. THAT DROP
NEGATIVELY IMPACTS TWO SCHOOL
DISTRICTS, ESPECIALLY
KETTERING. I SPOKE WITH
STEVE CLARK, THE TREASURER &
CFO OF KETTERING SCHOOLS, AND
HE TOLD ME WHILE
DISAPPOINTED... THE DISTRICT
ANTICIPATED THE LOSS. THOUGH
THE DISTRICTS CAN APPEAL THE
BOARD'S DECISION THE CFO DOES
NOT BELIEVE THAT WILL HAPPEN.
IRG HAS NOT GOTTEN BACK WITH
ME.
IRG HAD ARGUED THAT THE
PROPERTY WAS ONLY WORTH 4-
MILLION DOLLARS DESPITE PAYING
6-MILLION FOR IT, SO IT COULD
HAVE BEEN EVEN WORSE FOR THE
SCHOOL DISTRICTS. STILL THE
DISTRICTS WILL LOSE HUNDREDS
OF THOUSANDS OF DOLLARS IN
REVENUE. ALL PARTIES HAVE
UNTIL DECEMBER 21 TO APPEAL
THE DECISION TO A STATE BOARD
OR COMMON PLEAS COURT, BUT IT
APPEARS UNLIKELY AT THIS POINT.
PAM ELLIOT, 2 NEWS ON
ASSIGNMENT.