Work on the project stopped over one month ago leaving Ocala City Council-members asking a lot of questions, including: why would the developer of multi-million dollar projects suddenly need to borrow an additional $130,000?
On July 18, 2007 however, the developer, JJH Investments, did just that. JJH and its owner Jorge Gutman took out a third mortgage on the property for that amount - a direct violation of the terms for the $1.5 million city mortgage the company already received.
Gutman will have 30 days to pay-off one of the mortgages before being found in default of the city mortgage.
"Even though we don't believe we're required to give that notice in connection with this provision, we are going to do so out of abundance of caution and in an effort to avoid hindering the project," Ocala's Assistant City Attorney Jimmy Gooding explained.
Some council-members said the project has already been hindered by a lack of progress, especially in the minds of the people of Ocala, but Gooding said JJH representatives assured him the project is moving forward.
By Ted Latiak, WCJB TV20 News.
- Grace Marketplace Homeless Center Gets $308,000 In Local Government Funding
- State Insurance Fund Stronger Now for Storm Season
- Florida Board of Governors Issue $20 Million in Funding
- Florida Senator Supports Special Funding for the University of Florida
- Governor proposes more funds for springs restoration
- Protesters Rally for Amendment One Funding
- Spring Arts Festival Helps Fund Scholarships for College Students
- Marion County Crime Prevention Fund
- Florida Bright Futures Funding Goes Down, As Requirements Go Up
- Funding for Springs Bill Dries Up in Senate