City tries to tie up AM&A's sale funds

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MainLaw, Lawyers and Legal News › City tries to tie up AM&A's sale funds
 
City tries to tie up AM&A's sale funds
2006-08-19
The City of Buffalo is asking a judge to order the owner of the former AM&As department store to put $1 million in an escrow fund to cover possible fines for building code violations - even before the case comes to trial. In a highly unusual move, the city is eyeing proceeds of today's expected sale of the downtown building by Richard Taylor to a Long Island-based development group as insurance that any future penalties get paid. "We want to make sure that Mr. Taylor's money doesn't leave the country," said Richard Tobe, Buffalo economic development chief. "He's a Canadian citizen who is currently living in France, which could make it difficult to collect any fines." Taylor, who has been cited for hundreds of code violations in the vacant Main Street building, is expected to receive approximately $3 million for the former retail complex.
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