WARREN Trumbull County Treasurer Sam Lamancusa on Monday said he expects Sunshine Inc. to submit soon all of the information necessary to be placed on a payment plan to pay down back property taxes.
Lamancusa last month demanded that Sunshine Inc. either pay $188,600 worth of back property taxes and fees owed to the county on 57 properties it owns or to submit a plan that would enable it to repay the taxes.
Earlier this month, Anthony Iannucci, executive director of Sunshine of Trumbull County Inc., verbally submitted a plan to pay the back taxes and all fines.
"We did not require them to submit a written plan," Lamancusa said.
Iannucci, during an April 9 meeting with city council, outlined a plan submitted to the treasurer's office that includes refinancing the mortgages on 61 properties financed at Huntington Bank that would allow the organization to pay less on a monthly basis. Iannucci hopes the bank will allow Sunshine to have a blanket mortgage that would cover all of the properties, instead of individual mortgages.
The blanket mortgage would provide Sunshine more flexibility in cases in which it may want the sale properties whose mortgages are higher than the highest possible price it can receive in a sale.
Iannucci also stated the non-profit is in the process of selling properties it purchased and rehabbed for the sole purpose of selling. Profits from those sales will be used for reducing the property tax debt.
The non-profit got into the financial predicament because it was overextended and could not make its monthly mortgages, taxes, and other costs.
Lamancusa on Monday said his office is waiting for bank information from Sunshine, before making a final determination on allowing it to enter a repayment plan.
"We did not give a set deadline to provide the bank information, because we did not want to place Sunshine in the position of missing the deadline by one or two days," Lamancusa said. "We were told they would submit the information shortly."
Lamancusa emphasized the fines and fees on the back taxes were calculated in the original $188,600 figure provided to the Tribune Chronicle.
"If we approve its repayment plan, it probably will be less than the original figure because Sunshine has paid back taxes on some of the properties," he said.
Lamancusa added if an agreement is reached, his office will request the court to stay any court action now scheduled to take place.