Clock runs on Dacono foreclosure

Developers given until January to recover land

DACONO — Developers of the proposed Dacono Factory Stores project have until Jan. 21 to get their property back following a July 25 foreclosure sale that Compass Bank closed with a $3 million bid.

Compass has no plans or developers for the property now, said Al Linton, executive vice president.

“It’s our full intent to allow time for redemption,” he said.

The foreclosure comes seven months after the Arizona Corporation Commission formally accused Dacono developers Wendell “Ted” Decker and Charles Stedman, and their two salesmen Keith “Skip” Davis and Charles Testino, of fraud, selling unregistered securities and…