THE timeline – documents and players, part 3

This is a timeline of dates, open-source documents, names of people and organizations which have been linked with the property at Third and Linden Streets. Simply stated, this is a history lesson based on open-source documents. Because the timeline begins in 1984 and spans over a quarter of a century and because links to the referenced documents are provided, this cumulative series will build each day for the next several days.

  • 25 October 1984 … I.B.S. Development Corp filed a Business Entity Filing (name change from Incubator Business Services, Inc., begun 25 October 1984) with the PA Department of State; it was filed as a domestic corporation enterprise. The business address is listed as 950 Homestead Road, Newport, PA.
  • 14 September 1987 … Deed filed … Linden and Third Street property sold by Lancaster Industrial Development Authority and Loew’s Theatres, Inc. to Vincent J. Guffino for $475,000.00.
  • 17 February 2004 … Museum Partners, L.P. filed a Business Entity Filing with the PA Department of State; it was filed as a limited partnership – domestic enterprise. The business address is listed as 950 Homestead Road, Newport, PA.
  • 30 June 2004 … Columbia Economic Development Corporation filed a Business Entity Filing with the PA Department of State; it was filed as a non-profit (non-stock) – domestic enterprise. The business address is listed as 15 North Third Street, Columbia.
  • 12 November 2004 … Columbia Investment Partners Corporation filed a Business Entity Filing with the PA Department of State; it was filed as a limited partnership – domestic enterprise. The business address is listed as 327 Locust Street. The officers are: Jeff Seibert, president, PO Box 88, Columbia, PA 17512 and Keith Lutz, treasurer, PO Box 88, Columbia, PA 17512.
  • 29 November 2004 … Columbia Investment Partners LP filed a Business Entity Filing with the PA Department of State; it was filed as a limited partnership – domestic enterprise. The business address is listed as 327 Locust Street, Columbia.
  • 03 March 2005 … Columbia Borough  receives “market value” property appraisal from Robert W. Heiserman, Jr. for “501 North Third Street” property. The stated “market value” is $590,100. (NOTE: This is the same appraiser the Borough of Columbia engaged to appraise the Safe harbor “gifted” riverfront properties.)
  •  04 October 2005 … Deed filed … On 30 September 2005, Vincent and Barbara (Smith) Giffuni sold Linden and Third Streets property to Borough of Columbia for $825,000.00.
  • 22 March 2007 … Special Borough Council Meeting minutes 3-22-2007“special meeting was being held to approve an agreement with Columbia Borough and the Columbia Economic Development Corporation for the marketing of the property located at Third and Linden Streets.”
  • 15 December 2008 … Museum Partners, LLP receives notification letter that “Governor Rendell has authorized the release of $1,000,000 in Redevelopment Assistance Capital Program (RACP) funding for the renovation of the former Ashley & Bailey Silk Mill in Columbia Borough.”

One comment

  1. So, the markert value as appraised in March 2005 was $590,100, but about seven months later the property sold for $825,000. I’m not an expert on real estate transactions, but I’m wondering why the Borough paid almost a quarter of a million dollars more than the appraised value. Am I missing something?

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