City Of Elk Grove To Sue Reynen & Bardis For Unpaid Taxes
The Elk Grove City Council announced tonight that they will file a lawsuit against real estate developer Reynen & Bardis for $1.4 millio...
https://www.elkgrovenews.net/2009/10/city-of-elk-grove-to-sue-reynen-bardis.html
The Elk Grove City Council announced tonight that they will file a lawsuit against real estate developer Reynen & Bardis for $1.4 million in unpaid taxes.
The announcement came following the council's closed session. The litigation will seek payment of overdue taxes on Reynen & Bardis's Laguna Ridge project.
The Laguna Ridge project is a 1,900 acre specific planning area community that Reynen & Bardis was slated to build up to 3,000 dwellings. The development is also the planned site of Elk Grove's much vaunted new city hall.
Chapter 11 filing
Subsequent to the approval of the Laguna Ridge plan, owners Christo Bardis and John Reynen were forced into personal Chapter 11 bankruptcies as a direct result of the real estate collapse and worldwide credit crisis.
Generally speaking, when an Chapter 11 is filed a court ordered automatic stay is imposed and all collection activities are suspended.
Reynen & Bardis as such has ceased to exist and now operates as Buildco Inc., and is tasked with finishing projects with the intent of maximizing value for creditors.
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Is this a one time unpaid bill, or do these unpaid taxes go forward and accumulate, like unpaid property taxes?
I have strong reservations that Elk Grove will actually build the high density residential areas similar to the Laguna Ridge design guidelines the city proposed in 2008. Section G5 of these guidelines shows some nice pictures of what developers and architects are encouraged to propose...but I seriously doubt it will look anything like these guidelines suggest. That's why they are guidelines...we don't really have to follow them...
Not when the Sac Business Journal reports the elimination of 13 acres set aside for medium density housing to allow for more "shopping commercial." Will this project really entail high to medium density residential? It should, and this should be the only such development allowed from here on out in Elk Grove.
Higher densities lead directly to light rail, to viable public transit options, to alternatives to the automobile. But how can this project integrate with the rest of the city if we are to surround this project with low density suburban sprawl for five miles in each direction?
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