Village of Somerset property to be declared 'distressed'
The village of Somerset had big plans for the 99 acres it purchased in 2009.
Unfortunately, the economy had other plans.
The property -- Tax Incremental District (TID) #4 -- is located off Hwy. 35N. There has not been any development in the area to generate revenue to pay off the approximate $3 million debt.
When the economy took a downturn and all new construction ceased, the land sat empty.