November 29, 2012 | Back to: News

Lost loan $, Dorsey interchange at Grass Valley Council meeting


In addition to taking steps toward a nonprofit managing a Condon Park building and outlining the process to fill a citizen’s oversight committee to monitor expenditures of Measure N funds, Grass Valley City Council members were also given an update on the Dorsey Interchange project.

Bids went out Nov. 20 on the Dorsey Interchange, a nearly $25 million project to add on- and off-ramps to Highway 49/20 at Dorsey Drive in the works for three decades, said Tim Kiser, director of Public Works and a city engineer.

“Dorsey Drive is continuing to move forward,” Kiser said.

If bids come in as expected, Kiser said the city could award the project by the end of January or early February.

One tidbit of information was also disclosed at Tuesday’s meeting about loan money lost to foreclosed homeowners in Grass Valley.

“We loaned a lot of money to people,” Community Development Director Tom Last told the council Tuesday. “We’re going to get very little of that back.”

In 2012, two residences were foreclosed in Grass Valley where the city was a secondary lender to first-time homeowners, Last told The Union Wednesday.

In both cases, the city loaned about $75,000, about $3,000 of which will be paid back from each foreclosed homeowner, Last said.

“This is something new we just experienced this year,” Last said. “This is new for us.”

The city has loaned money to first-time homeowners for more than a decade, Last said, but the number of total loans and their combined amount was unavailable as of press time.

“We don’t have a ton of loans out there,” Last said.

Repaid loans fund future loans, Last said, so that unpaid foreclosed loans effect the city’s ability to loan later on.

On a lighter note, Sandy “Jake” Jacobson was awarded the Mayor’s Award, presented annually to someone for exemplary community service.

Jacobson, Gold Country Community Services’ executive director and a former city employee, was presented the award Tuesday by Mayor Jan Arbuckle.

Jacobson is active in the Foothills Lions Club, was instrumental in bringing many of the city’s parks projects, trains interns, serves and supports elder coalitions and referees for local sports, among other time dedications.

“It is truly my pleasure to serve this community,” Jacobson said.

To contact Staff Writer Christopher Rosacker, email crosacker@theunion.com or call (530) 477-4236.

Christopher Rosacker
crosacker@theunion.com

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The Union Updated Nov 29, 2012 11:35AM Published Nov 30, 2012 05:11AM Copyright 2012 The Union. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.