1507 WALL ST 2018-01-01 MF Import

TO fROM DI1TE Franh H. Bennett Robert R. Royce May 19, 1975 LUOJECT Monte CSiStO HOtel /�l p� �/ f_ /�QTY OF EVEIIETL EVERETT. WASMINGTON u/ (/ "(! '� On April 25, 1975, after receiving a complaint from the Police Departmeht, we made an inspection of the building, in comoany with the Fire Marshal and a member of the Police Department. At that time we found the structure open to the public and readily accessible to transients and vagrants. There was evidence of extensive vandalism and the building is being systematically stripped of all fixtures and trim. On that day we contacted Mr. Ed Dlartin who now acts, or has acted in the past, Por Mr. *fatthew Grif£in who is a principal officer of the Monte Cristo Corporation. As this did not resolve the matter we sent written notification of the status o£ the building to Mr. Griffin. our last inspection of the building, on May 16, 1975, revealed that no action has been taken by either party to secure the building. . On May 15, 1975, I contacted Rose Walter, an official oE the Small Business Association, and she indicated to me that the Small Business Association is in the process of foreclosure on the property, in company with the Everett Trust and Savings Bank, for a loan of approximately $471,000. Mr. Walter also indicated that they would not take any cor.rective action to the building until such time that they receive title to the property. In November of 1973, the Snohomish County Treasurer offered the property for sale to satisfy back taxes, which are now in excess oE $84,000, including personal nropert_y tax. This tax sale was postponed by court order and they du not anticipate that the tax matter will be resolved until the Small Business Administration c�aim is settled. ASr. Johnson of Everett Trust and Savings Bank indicated that three banks were involved, Pioneer, Everett Trust and Savings, and F.verett Federal, and that they have no control oi authority over the property and cannot influance the legal owners of the property. He also indicated that they would not take any action or disburse any funds to secure the property. Some of the officers of the Monte Cri�to Corporation and other share holders are: t�atthew Griffin, Peter G. Infield, R. B. Johnson, James Y.lien, RoL�ert Beard, Panos I;outlas, J. F. Curran, and Hal Peterson. The Snohomish County Assessors records reflect that the building has a true valuc of 48,220 and tlie land, (150 x 120) is worth $90,000, (1979 assessmentl.