Deal Calls Off Foreclosure On Museum Property
May 1, 2009 at 5:14 AM (PT)
CRAIN'S CHICAGO BUSINESS reports that a deal has been reached to dismiss a construction company's foreclosure suit against the MUSEUM OF BROADCAST COMMUNICATIONS project in CHICAGO. PEPPER CONSTRUCTION CO. will take a mortgage on the property at State and Kinzie Streets, allowing the museum to proceed with fundraising and appeals to the state for funding of the 50,000 square foot project. PEPPER's $4.5 million lien has been converted to a mortgage calling for the museum to pay PEPPER $4.79 million by MARCH 1, 2011.
"This buys us time, so we can hopefully get beyond this bleak economic time," museum CEO BRUCE DUMONT told CRAIN'S.