Wednesday, August 11, 2010

Developer wants to refund Hampshire bonds

Hampshire is good example of how overextended the housing market was before the crash.  Unfortunately this is not the only problem across the Greater Chicago Area.

[Developer]Crown officials have indicated that unless they can get out from under the $4.5 million a year in bond repayment taxes, "They may just walk away and let the bond holders have the property."

So the village board voted last week to make an offer to the bond holders. If they agree, they can sell their bonds back to the village for about 37 percent of what the bonds originally sold for. That money, totaling about $28 million, would come from money left over from the bond sale plus $3.5 million chipped in by Crown. In return, Crown has agreed to pay for the sewer and water systems expansion and road improvements

If all 2,833 of these projects' approved lots eventually do have houses built on them, they will hold twice as many people as now live in all of Hampshire

Click on the following for more details:  Crown wants to refund SSA bonds :: The Courier News :: Local News

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