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Company executives with the Macon-based bank holding companyg alsoexpect Atlanta's real estate market to continue to weaken. The bulk of the bank'ws loss was a previously announced $109.7 millioh goodwill impairment charge. Excluding that one-time cost, the bank reported a $17.7 million operating loss in secondquarter 2008, or $0.776 per share. Security Bank (Nasdaq: SBKC) earnee $6.1 million in second quarter 2007. The operating lossex were driven bya $30 million loan loss provisiobn by the bank. The decline is the latest in a seriesx of struggles for SecurityBank Corp., whic h reported $2.14 billion in loans on June 30, 2008.
Many of the company'sz troubles center around smaller bankx bought throughout suburban metro Atlanta during the bank boom as part of an aggressivsexpansion plan. Security Bank CEO Rett Walker, in the company'w earnings release, said the bank had slower growth in nonperforming assets — loans that are no longedr accruing interest and real estated owned by the bank — grew $27 millionh from the end of first quarter 2008 to the end of the second. In first quarter 2007, nonperforming assets spiked by $143 million from the end of 2007. Past due loans also shrank from $65 million in first quartert 2008to $11 million at June 30.
But othed loan problems continue to dog the Nonperforming assetswere $249 a 1.3 percent increase from firstg quarter 2008. And while the bank managed to sell $12 millionh in foreclosed and repossessed properties, the bank addedx $39 million in new properties to its Security Bank increased its loan loss reserveto $48.5 million, or 2.26 percengt of its total loans receivable. Throughout the firsrt half of the year, the bank also raised $68 millioj in additional capital to bolster the balance sheeft and brought in outside investor LLC to work with theailinfg institution. The bank now has 11.
7 percent total risk basex capital — an industry measured of the bank's ability to weathere downturns — and all of its bank subsidiariex are classifiedas "wello capitalized" the highest industry rating. Management assumes no further deterioratiomn inthe bank's operations, the earnings releas e stated in the company but expected the downturn to continue in Atlantaz real estate. They also expect nonperforming assets to stabilize in the second half of the while the bank will look to preserve capital and shrinl its loan portfolio by three to five Any growth in middle or coastaloGeorgia subsidiaries, the release states, will be offsetr by declines in .
Saturday, December 1, 2012
Friday, November 30, 2012
Cumbre Pharmaceuticals dissolves - Dallas Business Journal:
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The company has been in the processw of liquidating for the pastsix months, said Ian director of Cumbre’s board of “There is really no story for us to Trumpower said by phone on “The company gave it go — and it didn’ty work — and it There isn’t much there.” The companh dissolved a week ago, Trumpowet said. “Its assets have been distributed to itssecurefd creditors, and the company essentiallyg doesn’t exist anymore,” he said.
In the past four a small trail of litigation involving the leases for its former headquarters has been practicallu the only evidenceof Dallas-based Cumbre’s Parker Viceroy LP filed a lawsuit in February in Dallas Countuy district court against Cumbre for the amounyt owed on the lease of its about 23,000 square feet buildingy at 1502 Viceroy Drive in Dallas. “They (Cumbre) did abandon the premise and didn’t pay rent,” said Eric an attorney representingParker Viceroy. “I don’t know what happened with the employees atthis point, and it’s our sense that the compan is being dissolved.
We are in the infantt stages of a lawsuit anddiscovery — so we don’t know what happenee yet.” According to court documents, Cumbre’sx six-year lease in that location started in October 2001 and was extended in October 2007, when the originalp lease ended. Cumbre signed onto a three-year extension from Novembefr 2007to Oct. 31, 2010. But Cumbre stoppef paying its rentin January, and it has not paid the ad valoremm taxes for 2008 for the Wood said. According to courtg documents, Cumbre owes Parker Viceroy abourt $31,500 in ad valorum taxes and about $362,90p in rent, as well as to cover the entire leasing agreemengthrough 2010.
Base monthly rent of the facilitywas $18,14r per month. Cumbre’s attorney, Jeffrey Kitner, declined to comment. Kitner is with the law firm LLP. Parket Viceroy also names promineny Dallas businessman and philanthropisyt Morton Meyerson inthe lawsuit. Meyerson was a guarantod of the company’s lease through Oct. 31, 2008, Wood Parker Viceroy claims that Meyerson is responsible for the pro rata portionm of ad valorem taxesfrom Jan. 1, to Oct. 31, 2008, which amounts to abou $26,282, according to court Meyerson has filed a countersuit denying Parker Viceroy’s claims. Meyersohn and his attorneys could not be reacheddfor comment.
Cumbre, which spun off from San Francisco-basesd in February 2001, appeared to have a promisinh future when it first gotits start. The new biotechology company, after receiving $26 million in second-roun funding in September 2001, announced plans to develop capabilitiesin chemistry, biology and drug-screeningg technology, focusing on antibacterial and antifungal drug developments. It said at the time it wouls be expandingits 12-person work force to 30 by the end of according to a previous story by the Dallaa Business Journal. That additional financinf in 2001 came from Pharma Vision AG of Switzerland andVulcan Inc. of Seattle.
Then, in Septembet 2007, Cumbre secured additional capital financing that woule allow the privately held biopharmaceutical company to focus on the discoverh and development of antibacterial The financing was provided by memberse of its existing investor according to a company announcemengt on thefinancing round. The announcement named the followintg investors: David Goeddel, a managing partner at San Francisco-basesd , who was a co-founder of Steven McKnight, distinguished chaidr in basic biomedical research at the at whoalso co-founded Cumbre and William Rieflin at Santa Calif.-based Xenoport Inc.
, and Morton who is a former chairman and CEO of and currently chairman and CEO of 2M Companiees Inc, a Dallas private investment Cumbre said the capital injection, whose amount was would help it to develop and commercialized a new antibiotic called that it hoped would “address the critical unmet needs in combatingt chronic and hard-to-treat bacterial infections, especiallyy those involving drug resistant strains,” said Michael Bakes, who was then actinb president of Cumbre. Bakes coulfd not be reached for comment.
When asked abourt that the future for its drug developmenty andtechnology was, Trumpowedr said simply, “there is just no market for the intellectual He declined to elaborate further. That Cumbres was “another casualty of the economyu is probably a good synopsis of what he said.
The company has been in the processw of liquidating for the pastsix months, said Ian director of Cumbre’s board of “There is really no story for us to Trumpower said by phone on “The company gave it go — and it didn’ty work — and it There isn’t much there.” The companh dissolved a week ago, Trumpowet said. “Its assets have been distributed to itssecurefd creditors, and the company essentiallyg doesn’t exist anymore,” he said.
In the past four a small trail of litigation involving the leases for its former headquarters has been practicallu the only evidenceof Dallas-based Cumbre’s Parker Viceroy LP filed a lawsuit in February in Dallas Countuy district court against Cumbre for the amounyt owed on the lease of its about 23,000 square feet buildingy at 1502 Viceroy Drive in Dallas. “They (Cumbre) did abandon the premise and didn’t pay rent,” said Eric an attorney representingParker Viceroy. “I don’t know what happened with the employees atthis point, and it’s our sense that the compan is being dissolved.
We are in the infantt stages of a lawsuit anddiscovery — so we don’t know what happenee yet.” According to court documents, Cumbre’sx six-year lease in that location started in October 2001 and was extended in October 2007, when the originalp lease ended. Cumbre signed onto a three-year extension from Novembefr 2007to Oct. 31, 2010. But Cumbre stoppef paying its rentin January, and it has not paid the ad valoremm taxes for 2008 for the Wood said. According to courtg documents, Cumbre owes Parker Viceroy abourt $31,500 in ad valorum taxes and about $362,90p in rent, as well as to cover the entire leasing agreemengthrough 2010.
Base monthly rent of the facilitywas $18,14r per month. Cumbre’s attorney, Jeffrey Kitner, declined to comment. Kitner is with the law firm LLP. Parket Viceroy also names promineny Dallas businessman and philanthropisyt Morton Meyerson inthe lawsuit. Meyerson was a guarantod of the company’s lease through Oct. 31, 2008, Wood Parker Viceroy claims that Meyerson is responsible for the pro rata portionm of ad valorem taxesfrom Jan. 1, to Oct. 31, 2008, which amounts to abou $26,282, according to court Meyerson has filed a countersuit denying Parker Viceroy’s claims. Meyersohn and his attorneys could not be reacheddfor comment.
Cumbre, which spun off from San Francisco-basesd in February 2001, appeared to have a promisinh future when it first gotits start. The new biotechology company, after receiving $26 million in second-roun funding in September 2001, announced plans to develop capabilitiesin chemistry, biology and drug-screeningg technology, focusing on antibacterial and antifungal drug developments. It said at the time it wouls be expandingits 12-person work force to 30 by the end of according to a previous story by the Dallaa Business Journal. That additional financinf in 2001 came from Pharma Vision AG of Switzerland andVulcan Inc. of Seattle.
Then, in Septembet 2007, Cumbre secured additional capital financing that woule allow the privately held biopharmaceutical company to focus on the discoverh and development of antibacterial The financing was provided by memberse of its existing investor according to a company announcemengt on thefinancing round. The announcement named the followintg investors: David Goeddel, a managing partner at San Francisco-basesd , who was a co-founder of Steven McKnight, distinguished chaidr in basic biomedical research at the at whoalso co-founded Cumbre and William Rieflin at Santa Calif.-based Xenoport Inc.
, and Morton who is a former chairman and CEO of and currently chairman and CEO of 2M Companiees Inc, a Dallas private investment Cumbre said the capital injection, whose amount was would help it to develop and commercialized a new antibiotic called that it hoped would “address the critical unmet needs in combatingt chronic and hard-to-treat bacterial infections, especiallyy those involving drug resistant strains,” said Michael Bakes, who was then actinb president of Cumbre. Bakes coulfd not be reached for comment.
When asked abourt that the future for its drug developmenty andtechnology was, Trumpowedr said simply, “there is just no market for the intellectual He declined to elaborate further. That Cumbres was “another casualty of the economyu is probably a good synopsis of what he said.
Tuesday, November 27, 2012
Wisconsin remains in middle of obesity rankings - The Business Journal of Milwaukee:
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Wisconsin saw its adult obesity raterise 0.5 percentage pointws to 26 percent. The state had slid in the nationalp rankings from 22ndin 2007. The report, now in its sixthy year, is titled "F as in Fat: How Obesitu Policies Are Failing In America andcastigates federal, state and local governmentsw for poor or patchwork policiexs aimed at curbing obesity. "Our health care costa have grown along with our waist saidJeff Levi, executive director of Trust for America'sw Health. "The obesity epidemic is a big contributor to the skyrocketinbg health care costs in theUnited States.
How are we goinfg to compete with the rest of the worlxd if our economy and work force are weighed down by bad Mississippi had the highesyt rate of adult obesityat 32.5 making it the fifth year in a row that the states topped the list. Four states now have rates abovwe30 percent, including Mississippi, Alabama (31.q2 percent), West Virginia (31.1 percent) and Tennesse (30.2 percent). Eight of the 10 statea with the highest percentage of obese adults are in the Colorado continued to have the lowesty percentage of obese adultsat 18.9 Mississippi also had the highesy rate of obese and overweightr children (ages 10 to 17) at 44.4 percent. Minnesot and Utah had the lowest rateat 23.
1 Wisconsin fared among the better states, rankinyg 40th with a childhood obesity rate of 27.9 Eight of the 10 states with the highestr rates of obese and overweighr children are in the South. Childhood obesity rates have more than tripledxsince 1980.
Wisconsin saw its adult obesity raterise 0.5 percentage pointws to 26 percent. The state had slid in the nationalp rankings from 22ndin 2007. The report, now in its sixthy year, is titled "F as in Fat: How Obesitu Policies Are Failing In America andcastigates federal, state and local governmentsw for poor or patchwork policiexs aimed at curbing obesity. "Our health care costa have grown along with our waist saidJeff Levi, executive director of Trust for America'sw Health. "The obesity epidemic is a big contributor to the skyrocketinbg health care costs in theUnited States.
How are we goinfg to compete with the rest of the worlxd if our economy and work force are weighed down by bad Mississippi had the highesyt rate of adult obesityat 32.5 making it the fifth year in a row that the states topped the list. Four states now have rates abovwe30 percent, including Mississippi, Alabama (31.q2 percent), West Virginia (31.1 percent) and Tennesse (30.2 percent). Eight of the 10 statea with the highest percentage of obese adults are in the Colorado continued to have the lowesty percentage of obese adultsat 18.9 Mississippi also had the highesy rate of obese and overweightr children (ages 10 to 17) at 44.4 percent. Minnesot and Utah had the lowest rateat 23.
1 Wisconsin fared among the better states, rankinyg 40th with a childhood obesity rate of 27.9 Eight of the 10 states with the highestr rates of obese and overweighr children are in the South. Childhood obesity rates have more than tripledxsince 1980.
Monday, November 26, 2012
Nonprofits brace for budget emergency aftershocks, IOUs - Business Courier of Cincinnati:
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While service providers don’t yet know whethe r they’ll receive IOUs — or what the amounts will be Sparky Harlan, CEO of the in Santaw Clara, is prepared for the worst. “Wew receive about $400,000 in state Harlan said. “We’re already accustomed to getting money from the statrlate — last year, for example, it took untilk December before we finally got paid.” For this year and last year the centerd has relied on a $150,00o line of credit through to cover the gap, alongv with $500,000 out of its reserve The center’s operating budget is $10 million for fiscal 2009-10.
The money that may be on hold from thestatd covers, in part, the center’s shelter and drop-inb program, street outreach, and parenting classes. “Thew problem right now is thatwe don’t know for certainn how much they’re going to hold said Harlan, who has been with the center for 26 “But this is by far the worst I’ved ever seen.” In anticipation of the state’s budgeft problems, 10 percent cuts have alreadyg been planned for foster-cared payments. Locally there are 300 to 400 kids infostedr care.
Foster care rates are the same acrossxthe state, so families in high-cost areas such as the Bay Area get the same amounr of compensation as people in more affordablwe places. “We’re fronting half a million dollars she said. It’s a layered problem for the since in addition to state money some comes from the federalp Housing and UrbanDevelopment department. And Harlan said HUD is so slow it can take up to six monthws for payments tobe received. “We’re hopinh to get paid by July,” she said. “Nonprofits are just gettinh slammed.
” Harlan said the Bill Wilson Centerf has closed down two programs already and cut abou 15 percent ofits staff, leaving aboug 110 employees. These are real she pointed out — not attrition or open jobs and “heartbreaking” to do. “We had to give one stafg person a layoff notice and a week later his wife was laid off fromanothe nonprofit,” she said. in Campbell gets about $500,0009 a year from the state for its AIDS CFO Ira Holtzman said the agency is largde enough and financially stable enough that he would just book an IOU as accountsa receivable and hope the moneh camethrough eventually.
The Health Trust’s budget for fiscal year 2010 is morethan $16 Holtzman said. Pam Brandin, executivd director of and Visually Impaired, which has offices in Palo Alto andSantaw Cruz, said that even thouggh her agency provides the kind of servicese that are especially at risk in State Controlled John Chiang’s plan, the Vista Cented is relatively safe. “We receives money through Title 7 Chapter2 services,” Brandin “Since much of our funding is federal money we’re hoping that it has to be released and passedc on; the state won’t be allowed to hold on to it.” The Vistz Center also has school contracts through special education funding.
“Last year when the statre had similar budget issueswe didn’t receive any IOUs,” she said, “bugt that situation was resolvedf sooner than this appears to be. The agencies that receive IOUsprobabluy won’t even know they’re coming until they submir their bills.” She’s also banking on Vista Center’s statud as a preferred vendor with the state, “s we’ll be paid in advance of othee vendors — if in fact the state is even writing Lisa Hendrickson, president & CEO of Avenidas Rose Kleiner Senior Day Healthy Center in Palo Alto, is also cautiouslg optimistic.
“The only funds we receivew from the state are MediCal payments for servicea provided at our adult daycare she said. “Our understanding is that those services are protected by the state constitution as well asfederap law. We do receive fundin g indirectly throughthe county, but we don’ty expect that to be affected.” Tom Kinoshita, public policy directord of the , said people are on pins and “Everyone’s sitting around waiting, not knowing what’sw going to happen.
But even with the most optimisticdoutcome it’s still going to be very He pointed out that the deficirt last year for Santa Clara County was more than $270 million, and many of the cuts were made in programs around health, mental health, drugs and alcoholp and social services. And there’s no reliecf on the horizon: For 2011 the countyt is looking at a deficit ofabouft $250 million, he said.
While service providers don’t yet know whethe r they’ll receive IOUs — or what the amounts will be Sparky Harlan, CEO of the in Santaw Clara, is prepared for the worst. “Wew receive about $400,000 in state Harlan said. “We’re already accustomed to getting money from the statrlate — last year, for example, it took untilk December before we finally got paid.” For this year and last year the centerd has relied on a $150,00o line of credit through to cover the gap, alongv with $500,000 out of its reserve The center’s operating budget is $10 million for fiscal 2009-10.
The money that may be on hold from thestatd covers, in part, the center’s shelter and drop-inb program, street outreach, and parenting classes. “Thew problem right now is thatwe don’t know for certainn how much they’re going to hold said Harlan, who has been with the center for 26 “But this is by far the worst I’ved ever seen.” In anticipation of the state’s budgeft problems, 10 percent cuts have alreadyg been planned for foster-cared payments. Locally there are 300 to 400 kids infostedr care.
Foster care rates are the same acrossxthe state, so families in high-cost areas such as the Bay Area get the same amounr of compensation as people in more affordablwe places. “We’re fronting half a million dollars she said. It’s a layered problem for the since in addition to state money some comes from the federalp Housing and UrbanDevelopment department. And Harlan said HUD is so slow it can take up to six monthws for payments tobe received. “We’re hopinh to get paid by July,” she said. “Nonprofits are just gettinh slammed.
” Harlan said the Bill Wilson Centerf has closed down two programs already and cut abou 15 percent ofits staff, leaving aboug 110 employees. These are real she pointed out — not attrition or open jobs and “heartbreaking” to do. “We had to give one stafg person a layoff notice and a week later his wife was laid off fromanothe nonprofit,” she said. in Campbell gets about $500,0009 a year from the state for its AIDS CFO Ira Holtzman said the agency is largde enough and financially stable enough that he would just book an IOU as accountsa receivable and hope the moneh camethrough eventually.
The Health Trust’s budget for fiscal year 2010 is morethan $16 Holtzman said. Pam Brandin, executivd director of and Visually Impaired, which has offices in Palo Alto andSantaw Cruz, said that even thouggh her agency provides the kind of servicese that are especially at risk in State Controlled John Chiang’s plan, the Vista Cented is relatively safe. “We receives money through Title 7 Chapter2 services,” Brandin “Since much of our funding is federal money we’re hoping that it has to be released and passedc on; the state won’t be allowed to hold on to it.” The Vistz Center also has school contracts through special education funding.
“Last year when the statre had similar budget issueswe didn’t receive any IOUs,” she said, “bugt that situation was resolvedf sooner than this appears to be. The agencies that receive IOUsprobabluy won’t even know they’re coming until they submir their bills.” She’s also banking on Vista Center’s statud as a preferred vendor with the state, “s we’ll be paid in advance of othee vendors — if in fact the state is even writing Lisa Hendrickson, president & CEO of Avenidas Rose Kleiner Senior Day Healthy Center in Palo Alto, is also cautiouslg optimistic.
“The only funds we receivew from the state are MediCal payments for servicea provided at our adult daycare she said. “Our understanding is that those services are protected by the state constitution as well asfederap law. We do receive fundin g indirectly throughthe county, but we don’ty expect that to be affected.” Tom Kinoshita, public policy directord of the , said people are on pins and “Everyone’s sitting around waiting, not knowing what’sw going to happen.
But even with the most optimisticdoutcome it’s still going to be very He pointed out that the deficirt last year for Santa Clara County was more than $270 million, and many of the cuts were made in programs around health, mental health, drugs and alcoholp and social services. And there’s no reliecf on the horizon: For 2011 the countyt is looking at a deficit ofabouft $250 million, he said.
Sunday, November 25, 2012
Linda Gray: I Will Miss My Best Friend Larry Hagman - People Magazine
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Zap2it.com (blog) | Linda Gray: I Will Miss My Best Friend Larry Hagman People Magazine Linda Gray is expressing her sadness over the loss of her D » |
Friday, November 23, 2012
Lionbridge secures $100M contract - Boston Business Journal:
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The Waltham, Mass., translation-technology firm LIOX) will provide services for defendants who requirwe an interpreter to understanxdcourt proceedings, as well as translatiojn of sworn testimony, legal briefs and court It will do work in all 50 states, the Districgt of Columbia, and the U.S. territories of Puerto Rico, Guam and the U.S. Virgin Islands, translatinvg over 300 different languages. “With a prove track record of managing complex languager programs for a number of largefederap agencies, we are delightesd that the U.S. Department of Justice chose Lionbridge as its partner forinterpretation services,” said Rory Cowan, CEO of Lionbridge in a statement.
“Our consistentlu high quality ratings, immigration expertise, provenh interpretation workflow technology, and experiences in government security will help the Executive Offices of Immigration Review provide the highest level of serviceand communication.”
The Waltham, Mass., translation-technology firm LIOX) will provide services for defendants who requirwe an interpreter to understanxdcourt proceedings, as well as translatiojn of sworn testimony, legal briefs and court It will do work in all 50 states, the Districgt of Columbia, and the U.S. territories of Puerto Rico, Guam and the U.S. Virgin Islands, translatinvg over 300 different languages. “With a prove track record of managing complex languager programs for a number of largefederap agencies, we are delightesd that the U.S. Department of Justice chose Lionbridge as its partner forinterpretation services,” said Rory Cowan, CEO of Lionbridge in a statement.
“Our consistentlu high quality ratings, immigration expertise, provenh interpretation workflow technology, and experiences in government security will help the Executive Offices of Immigration Review provide the highest level of serviceand communication.”
Thursday, November 22, 2012
Erickson gives up on Hilliard project - Denver Business Journal:
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notified the city of Hilliard last Thursdat that the foreclosure filing means thedevelopedr won't open the unfinished $34 millioj first phase and will no longere manage the 80-acre property. The decision ends more than two monthsz of wrangling over continued financing of the Hickory Chase project betweej the developer andthe lenders. That financial issuew had prompted Erickson to cease construction on the firsf 145 units of the complex and community centedr the week ofMay 12.
The company’s announcement comes as it from its goal ofinvestingf $12 billion to develop 50 communitiesx over the next That includes scrapping plans to build seniof housing facilities in five states, including Before Erickson halted would-be residents had been told they could move in by late Erickson had planned to deliver 833 residentialo units through 2013. “We have been informede by the lender for our Hickory Chase projecr that despite out best efforts to resolvewfinancial issues, the lender has commenced a foreclosure proceedin g that will result in us not being able to open Hickoryt Chase and end our management of the the developer wrote in its “We are deeply disappointes we were not able to reach a resolution.
” The deposit s of prospective residents are not affecterd by the foreclosure, the company said, and it will offe refunds. The company said in June that it woule close its sales center in late July pendingb resolution of thefinancial issues. A companty spokesman offered no additional commengt beyond the text ofthe letter. A KeyBan spokeswoman also was not immediately available for commenty on thefinancing consortium’s planxs for the property. The lendetr had extended a $90 millio construction loan for the project inApriol 2008, according to public records.
In a news Hilliard said it had not risked city money inthe $17 milliojn of road improvements to Brittonj Parkway, Anson Drive and Leap Road. Brittobn Parkway opened in January whilw construction continues on theAnsonb connector. Those projects were financed throughb a community development authority that fundedf the project throughbond financing. Those bonds were expected to be paid off throughy rising property taxes generated as theretirement community’z buildings get completed. Hilliard Finance Directod Michelle Kelly-Underwood said the city’s currentf operating budgets also did not rely on tax revenuwe generated bythe project.
“In short, we were not counting money from Ericksonuntil (the retiremeny community) was built,” Kelly-Underwooc said in the release, “ands this unfortunate development shows the wisdom of taking that conservativew approach.”
notified the city of Hilliard last Thursdat that the foreclosure filing means thedevelopedr won't open the unfinished $34 millioj first phase and will no longere manage the 80-acre property. The decision ends more than two monthsz of wrangling over continued financing of the Hickory Chase project betweej the developer andthe lenders. That financial issuew had prompted Erickson to cease construction on the firsf 145 units of the complex and community centedr the week ofMay 12.
The company’s announcement comes as it from its goal ofinvestingf $12 billion to develop 50 communitiesx over the next That includes scrapping plans to build seniof housing facilities in five states, including Before Erickson halted would-be residents had been told they could move in by late Erickson had planned to deliver 833 residentialo units through 2013. “We have been informede by the lender for our Hickory Chase projecr that despite out best efforts to resolvewfinancial issues, the lender has commenced a foreclosure proceedin g that will result in us not being able to open Hickoryt Chase and end our management of the the developer wrote in its “We are deeply disappointes we were not able to reach a resolution.
” The deposit s of prospective residents are not affecterd by the foreclosure, the company said, and it will offe refunds. The company said in June that it woule close its sales center in late July pendingb resolution of thefinancial issues. A companty spokesman offered no additional commengt beyond the text ofthe letter. A KeyBan spokeswoman also was not immediately available for commenty on thefinancing consortium’s planxs for the property. The lendetr had extended a $90 millio construction loan for the project inApriol 2008, according to public records.
In a news Hilliard said it had not risked city money inthe $17 milliojn of road improvements to Brittonj Parkway, Anson Drive and Leap Road. Brittobn Parkway opened in January whilw construction continues on theAnsonb connector. Those projects were financed throughb a community development authority that fundedf the project throughbond financing. Those bonds were expected to be paid off throughy rising property taxes generated as theretirement community’z buildings get completed. Hilliard Finance Directod Michelle Kelly-Underwood said the city’s currentf operating budgets also did not rely on tax revenuwe generated bythe project.
“In short, we were not counting money from Ericksonuntil (the retiremeny community) was built,” Kelly-Underwooc said in the release, “ands this unfortunate development shows the wisdom of taking that conservativew approach.”
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