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Bluffs plan developer defaults on loan again
| Tuesday, Sep 4 2007 10:30 PM
Last Updated: Tuesday, Sep 4 2007 10:35 PM
The company proposing a controversial housing development in the bluffs of northeast Bakersfield has once again defaulted on its loan, according to county records.
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The full loan of $3.3 million taken out by Canyons LLC in November was first at risk in July.
The land could be auctioned if Canyons doesn't pay up. Sacramento-based developer Don Hancock, the principal of both The Canyons and General Holding, is behind on his payments to lender Cascade Acceptance Corp. of Mill Valley as of Aug. 31.
He was behind $47,067 as of July 11, records showed, but then paid as of July 23.
Representatives for General Holding could not be reached for comment.
Default notices are typically sent when a borrower misses payments. The properties could be foreclosed if the defaulted amount is not paid in three months.
Canyons LLC has three properties next to each other south of Hart Park and Alfred Harrell Highway, totaling nearly 847 acres in the bluffs.
General Holding has battled the city and outdoors enthusiasts since around 2003 over plans to develop more than 1,000 homes in the area.
City Planning Director Jim Movius said General Holding is moving forward on the project, although the environmental impact report will take longer than expected to go to the city planning commission for a hearing, possibly March.
That's because the developer and the city need to look at the impacts of the city's hillside ordinance on the project.