A new medical building in Woodland Park built to give the town a financial boost, has become a burden to taxpayers.

After the medical office building known as the Premier Medical Mall was renovated, the owners were only able to rent about half of it. In February, they filed for bankruptcy, leaving nearly $1 million in property taxes unpaid. The nearly 4,000 property owners in Woodland Park will each see their bills jump by about $77 a month.

Mayor Keith Kazmark insists the borough will eventually be made whole, either through bankruptcy court or a tax sale. He hopes to sit down with the building owners soon to develop a plan to repay the outstanding debt.

More than half of Woodland Park's revenue comes from property taxes.