How do the revised rules in the Bipartisan Budget Act of 2015 affect you and your business?
FORT COLLINS – A foreclosure sale for the Airpark Village property, originally scheduled for March 2, has been postponed indefinitely, according to the Larimer County Public Trustee’s Office.
Airpark Village LLC filed for Chapter 11 in U.S Bankruptcy Court in Denver on Feb. 16, putting a stay on any action against the debtor. Larimer County Trustee Debbie Morgan explained that the bankruptcy also puts the foreclosure sale process on hold, and the bankruptcy court has to order a relief from stay before the sale process can continue.
According to the Notice of Election and Demand filed by lender Mile High Banks in December, Airpark Village still owes $5.449 million of its original $5.45 million loan.
In the bankruptcy filing, Airpark Village listed approximately $15 million in assets and $8.5 million in claims against the property.
Denver-based developer Lloyd Goff purchased the former Fort Collins Downtown Airpark over six years ago with plans to develop a futuristic 150-acre mixed-use community anchored by a high-tech research park. However, no redevelopment has occurred at the site, which the city annexed and zoned for employment in 2008, and Goff has not submitted any specific plans to the city.
For more information on the Airpark Village and its foreclosure, visit the NCBR archives.