Knights Inn pays off tax debtPublished 9:48am Thursday, August 9, 2012
The Knights Inn of Albert Lea has been removed from a tax forfeiture sale today after its owners paid off more than $220,000 in back property taxes and penalties late Wednesday afternoon.
Freeborn County Auditor-Treasurer Dennis Distad said a cashier’s check by Bridge Capital drawn from Twin Cities-based Associated Bank was delivered to his office around 5 p.m. Wednesday for just shy of $221,000 in back taxes and about $25,000 in 2012 taxes.
The hotel, at 2301 E. Main St., is where motorists enter Albert Lea from Interstate 35 exits 11 and 12. The company that owns the hotel is called AM Property Holdings LLC.
According to the Freeborn County assessor, there were unpaid property taxes dating back to 2007, including the following:
• $72,651 from 2007
• $70,378 from 2008
• $55,684 from 2009
• $4,858 from 2010
• $17,406 from 2011
Mike Nevins of Albert Lea and Amar Singh of Eau Claire, Wis., own AM Property Holdings LLC and purchased the hotel in October of 2009 for $1.9 million. At that point there were almost $184,000 in back property taxes.
As recently as this spring, Nevins had described his intent to split with Singh. It is unclear whether the two remain partners.
Though the property had been slated for the auction last year, Distad had struck a payment agreement with the owners to help them catch up. The owners made the first two payments but then missed the remaining payments.
Prior to the Wednesday payment, the last payment the county received was in July of 2011.
The hotel as of March owed about $6,600 in lodging taxes to the city. It could not be confirmed before press time today whether the hotel had paid that debt. Look for additional information in the Friday newspaper.
Enderes Tool Co.
Distad said Enderes Tool Co., which was also slated to be on the tax forfeiture sale today, has been placed on hold for six months to allow for the Albert Lea Port Authority to look into the property for potential economic development.
The Albert Lea manufacturer, 924 E. 14th St., was in the Jobs Industrial Park. The company closed its plant on April 27.
The company owed $98,147 in property taxes on the parcel with its manufacturing plant and $17,249 on an adjacent bare parcel.
Enderes made durable forged tools: chisels, punches, hitch pins, pry bars, wrecking bars, screwdrivers, drill bits, masonry tools and farrier tools.