Mortgage on ballpark in default
The city redevelopment authority has defaulted on its mortgage on Kelly Automotive Park again.
The city Parks, Recreation Grounds and Facilities Authority, which manages the ballpark, at its meeting Thursday said Dollar Bank is owed more than $45,000 in outstanding payments.
“They haven't been paid since November,” said Nick Ban, chairman of the facilities board.
Ban said Dollar Bank, which leads a group of lenders holding the mortgage on the stadium, sent him an e-mail Wednesday that included a copy of a letter originally sent to the redevelopment authority notifying it of the default.
That letter was dated Jan. 27.
“This was the first it was brought to my attention,” Ban said.
Ban said he would be meeting with representatives of Dollar Bank in the near future to discuss the default.
“We're looking to straighten this out,” he said. “They want their money.”
Ban said the bank seemed willing to work with the authority to figure out the structure's financing options.
“They seem very receptive,” Ban said. “They appreciated the renewed interest from this board and are willing to work this out.”
The redevelopment authority also defaulted on the loan in January 2014. In total, the redevelopment authority still owes Dollar Bank about $1.6 million, according to the facilities board.
Ban said he contacted the redevelopment authority via e-mail about the withheld default letter sent this year, but did not receive a response.
