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Bank Foreclosing On Simon Square Property
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Bank Foreclosing On Simon Square Property
July 28, 2012
By Charlotte Marsch
Editor of The Bolivar Herald-Free Press,
Special to the Tribune
Property owned by Simon Square Development at the Aldrich Road and Mo. 13 interchange is being foreclosed upon by the bank, according to a Trustee’s Sale notice running in the Bolivar Herald-Free Press.
Sale of the property is scheduled for 1 p.m. Wednesday, Aug. 15, at the north front door of the Polk County Courthouse.
Mike Atcheson and Major Hammett II, both of Lee’s Summit, have been partners in the project in which Atcheson has been the lead developer.
When developers originally approached the city about the project in 2006, Hammett, Atcheson and Bob Watkins were partners. Hammett and Watkins both have long-standing ties to Bolivar and Polk County.
A tax increment financing agreement between the city and Simon Square Development was approved in 2007.
Residential development has taken place within Simon Square, but there has been no commercial development.
Assistant City Attorney Kerry Douglas said that he and City Attorney Don Brown had just learned of the foreclosure when asked for comment by the BH-FP.
Working with the city’s bond counsel, they will be “analyzing what effect the foreclosure will have on the various contractual and statutory relationships that exist between the city and Simon Square LLC or its successors and will make a report with recommendation to the city as soon as the legal analysis is completed.”
In January 2011, Hammett filed a suit against Atcheson and Simon Square Development alleging breach of the Buy-Sell Agreement; breach of the Restated Operating Agreement; breach of fiduciary duty; and two counts of fraud. A jury found against Atcheson on all charges and awarded Hammett $280,650 in damages.
Hammett chose not to comment about the recent action, and Atcheson did not return phone calls.
Link to the foreclosure notice:
http://bolivarmonews.com/public_notices/legals-for-issue-of/article_a5fc4006-d5f4-11e1-b07b-0019bb2963f4.html
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