According to a public notice filed earlier this month, Rice Ranch Ventures LLC has until March 29 to negotiate loan terms with Wells Fargo Bank, or the housing project’s undeveloped land will be sold at public auction.
In an interview with the Sun, developer John Scardino said he is in negotiations with the bank to keep the $20 million loan. He said the status of the loan won’t affect the homes that have already developed, because that property is “under separate ownership and a separate bank.”
Scardino said Wells Fargo is holding the LLC’s feet to the fire because “obviously, it’s taking longer to develop than we thought it would five years ago.”
This article appears in Mar 15-22, 2012.
