Foreclosed building parcels adjacent to Cayuga Community College's Fulton campus will be up for auction April 2, and a corporation formed by the college's foundation that owns the properties will dissolve.
Cayuga County owns the campus parcel at 11 River Glen Drive, which is not being foreclosed on, and about 46 acres of land nearby on Maple Avenue in trust for the college. CCC President Brian Durant said the Fulton campus will not be affected other than that a common area, a couple of classrooms and bookstore leased in a storefront part next to the main campus will eventually be repurposed or merged into the county's property.
The foreclosed properties are 13-41 River Glen Drive, and are owned by River Glen Holdings, a corporation that the Cayuga Community College Foundation formed in 2011. That subsidiary was formed by the foundation to purchase the then $9.4 million space, which according to real property records is now valued at just over $6 million. A roughly $7 million balloon payment to the mortgage holder became due in 2016.