Brady Homes subsidiary faces foreclosure on Normal development
By Steve Hoffman, The Pantagraph, Bloomington, Ill.
Aug. 17--NORMAL -- A Brady Homes subsidiary is accused of defaulting on a $1,275,000 loan used to develop The Vineyards subdivision in northeast Normal.
In a foreclosure complaint filed Aug. 5 in McLean County circuit court, Missouri-based First Bank wants to take possession of 13 acres of the 94-acre subdivision, the portion known as The Villas of Tuscany. The first court date is scheduled for Jan. 5, 2012.
The lender said The Vineyards of Normal LLC has defaulted on a commercial loan issued in May 2006, and still owes $868,000.
Brady Homes co-owner Bob Brady could not be reached for comment. Brady owns the business with brothers Ed Brady and state Sen. Bill Brady, R-Bloomington.
The loans were originally issued by the Bloomington branch of First Bank. The local branch was sold to First Mid-Illinois Bank & Trust last year, but The Vineyards loan remained with First Bank, which is headquartered in Creve Coeur, Mo.
Normal town planner Mercy Davison was unsure if the legal proceedings would hold up development in the subdivision, which has space for 300 single-family homes on the 94 acres. It is located at the corner of Raab and Airport roads.
"It really depends on who acquires the property, but there is not much market for property right now. I don't know that this will speed it up or slow it down," she said Tuesday.
Meanwhile, local contractors have also filed more than 30 mechanics liens against Brady Homes and its subsidiaries in recent months, saying the home builder failed to pay them for services. The latest include two liens filed Aug. 8 by Shaw Siding & Roofing in Manito totaling $30,990, and three liens totaling $15,802 filed July 20 by Bratcher Heating & Air Conditioning in Normal.
Court records show six of the liens have been released, which indicates the contractor has been paid.
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