Bank seeks help from city on foreclosed subdivision Top News CullmanTimes.com - Cullman, Alabama: HANCEVILLE — People’s Bank is seeking financial help from the City of Hanceville on the incomplete, foreclosed subdivision Baylor Cove so it can get the struggling development’s residential streets paved.
Mark Vincent with People’s Bank proposed the bank give the city three lots inside the subdivision in exchange for the city applying a final top coat to the streets and taking over their maintenance. Vincent said the bank has sought and received two bids for the paving work and both averaged around $50,000.
The price of the lots have fallen from a high of $40,000 to about $10,000 in current value, but the city could sell the lots in the future if they gain value, Vincent said.
The bank is seeking a municipal bailout for this troubled development that like many of those similarly situated lacks a functioning HOA to levy property owners for needed infrastructure work.