Winfield to call bonds for DoubleTree Lake Estates West

2012-11-28T19:00:00Z 2012-11-29T00:02:07Z Winfield to call bonds for DoubleTree Lake Estates WestLu Ann Franklin Times Correspondent
November 28, 2012 7:00 pm  • 

WINFIELD | Faced with an option to extend performance and maintenance bonds for DoubleTree Lake Estates West phases seven and eight, the Town Council on Tuesday authorized Clerk-Treasurer Richard Anderson to call those bonds.

That means Winfield will receive more than $187,000 from phase seven bonds expiring Dec. 22, and more than $44,000 from phase eight bonds that expire in March.

There is still a shortfall in excess of $36,700 for both unfinished phases, Anderson told the council before the 5-0 vote.

The streets and other infrastructure in both phases seven and eight need to be completed. The money from those bonds will permit the town to finish that work, council member Gerald Stiener said.

In 2004, a private group of investors bought the two large DoubleTree Lake Estates subdivisions from original developer David Lasco. That group included Randy Minas, Ken Matney and Anthony Meyers doing business as DoubleTree Lake Estates LLC.

However, the business is now in receivership. In March, Federal Magistrate Paul Cherry appointed Sharp Property Solutions LLC of Illinois as the receiver.

Fifth Third Bank holds letters of credit issued to DoubleTree Lake Estates LLC, backing the performance and maintenance bonds for those last two sections, Anderson said.

At Tuesday’s Town Council meeting, Anderson said the bank “has an urgent desire for extension of the bonds for 60 days, 90 days or one year depending on the pleasure of the council.”

Town Attorney David Austgen told council members that extending the bonds would imply trusting representatives of the developer to complete the work.

“It’s a heck of a call, but it’s yours,” Austgen said.

Town Council member Don Samburg said the receiver has declined to have the streets in DoubleTree Lake Estates plowed.

“We need to get to the roads to plow,” he said.

In his motion to pull the bonds, council member Jim Simmons included the performance and maintenance bonds for both phases.

“We’ve seen no cooperation whatsoever,” Simmons said. “Let’s get this done.”

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