An April 2 foreclosure auction of building parcels next to Cayuga Community College’s Fulton branch has been canceled, and it’s not clear if it will be rescheduled.
The foreclosed properties, 13-41 River Glen Drive, were purchased by River Glen Holdings, a corporation formed in 2011 by the Cayuga Community College Foundation. Cayuga County owns the main campus space at 11 River Glen Drive, in addition to 46 acres of land on Maple Avenue, in trust for the college.
The corporation owed an approximately $7 million balloon payment to the mortgage holder in 2016, but the corporation defaulted and a judgement of foreclosure and sale was issued. An auction was scheduled for the properties on Monday, April 2, in the Oswego County Courthouse, but college foundation and county officials learned late Tuesday that it had been canceled.
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