‘Tremendous Relief’ – Salvation For Success Village Residents

Speaking on WICC’s Melissa In The Morning program, attorney Barry Knott, the court-appointed receiver overseeing Success Village declared without the $6 million loan approved by the state on Friday the nearly 1,000-unit co-op would be insolvent, necessitating bankruptcy.

Melissa Sheketoff’s program has been a regular platform for Knott to provide updates about the troubled co-op. Listen to interview here

Now, Knott says, the loan provides “tremendous relief” to pay back taxes owed Bridgeport and Stratford, as well becoming current with utility concerns with some breathing room left over to address other back bills.

In addition, once the millions in back taxes are paid, liens will be lifted, restoring value to home owners.

Nearly a year ago, municipal leaders in Bridgeport and Stratford, shepherded by Bridgeport Chief Administrative Officer Tom Gaudett fearing a catastrophic health emergency, prevailed upon the court to appoint a manager to address chronic heat and hot water issues from an archaic boiler system impacting about 2,000 residents.

Judge Dale Radcliffe replaced the board of directors that had been responsible for finances with Knott.

A subsequent forensic audit discovered millions in unaccounted expenditures financed by the monthly common fees of owners. Management in charge failed to pay property taxes and utility bills for years. Multiple state and federal investigations are underway to follow the money.

The Connecticut Bond Commission, chaired by Governor Ned Lamont, approved the 20-year loan.

The loan is being processed through the Department of Housing with a big assist from Bridgeport’s state legislative delegation.

Bridgeport State Rep. Antonio Felipe is House chair of the Housing Committee.