Developer of Central Falls condos facing tax sale

A prominent real estate developer in Central Falls faces a tax sale on a condominium building in the troubled city because of a dispute over taxes.

City finance officials said a tax sale has been set for 10 a.m. Thursday on the M Residential building at 555 Roosevelt Ave. It was developed by Louis Yip.

State Sen. Elizabeth Crowley said Yip has invested $20 million in the property and has more investments planned for Central Falls. She wants the state receiver overseeing the city to delay the sale so the matter can be resolved.

City Council President William Benson said the council approved tax breaks for Yip’s company, Tai O Group, in 2008. He said moving forward with the sale would set a bad precedent and deter investors.

Yip did not immediately respond to a call for comment.

Article source: http://www2.turnto10.com/news/2011/aug/17/developer-central-falls-condos-facing-tax-sale-ar-691384/

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