Star Tribune Wed, 13 Feb 2008 05:01:06 GMT
Ramsey's Town Center lands on the block
The auction of 150 acres of Ramsey Town Center land has a new date. It was the land on which Ramsey city leaders hoped to build the $1.3 billion Town Center -- 150 acres that has become a minefield of bank conspiracy allegations and lawsuits. And the land is about to go up for auction. The oft-postponed land auction has been rescheduled for 10 a.m. Feb. 22 at the Anoka County courthouse, said Russ Bushman, chief credit officer for Minnwest Corp., the company that took over the mortgage from several banks that originally loaned $35 million toward the project. The property went into foreclosure after the original developer, Bruce Nedegaard, filed for bankruptcy and died last fall, leaving much of the 380-acre site undeveloped. According to federal court documents unsealed in December, the project turned into a conspiracy among bank executives to defraud other banks that invested millions in the project.
[[keywords: LandUse;PropertyTax;Metro;]]
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