originally expected to build 641 units on 409 acres along the north side of Route 72. Unit One accounted for about half that acreage and 342 of the homes. But only about one-sixth of the homes had been finished when the housing market collapsed and the bank foreclosed on Pasquinelli's mortgage
estimated that leaves up to 24 unsold townhouses and eight to 10 unsold single-family houses.
The village had the right to withdraw the escrow account [$1.3 million] if the bank were seized by the FDIC. When that indeed happened, the village board held an emergency meeting Monday morning and voted to withdraw the funds.
Click on the following for more details: No changes at Tuscany Woods after bank failure :: The Courier News :: Local News
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