Sign In | Create an Account | Welcome, . My Account | Logout | Subscribe | Submit News | Contact Us | Home RSS
 
 
 

Singleteary now facing foreclosure

March 17, 2013
by Antonio Acosta - Register Staff Writer (tacosta@faribaultcountyregister.com) , Faribault County Register

Another deadline has come and passed for the owner of Singleteary Food Solutions in Wells.

State officials reportedly had given Steve Singleteary until March 15 to start production at the meat-processing facility or begin repaying a $500,000 loan to the city's Economic Development Authority.

Singleteary has failed to do either.

"I don't expect to see any payment," says City Administrator Steve Bloom.

His statement is based on two Pioneer Bank notices of mortgage foreclosure sale published in the Faribault County Register on March 11.

The amounts Singleteary owes the bank were listed as $779,716 and $3.996 million.

Bloom was surprised to see the legal notices because he had spoken briefly to Singleteary by phone on March 2.

"He said his intentions are still to open the plant. Like always, he sounded positive and optimistic," he says.

Under the Minnesota Investment Fund Program, the state's Department of Employment and Economic Development (DEED) awarded Singleteary a $500,000 grant to help finance his start-up venture.

Wells acted as a "loan sponsor," meaning monthly payments of $4,713 would be paid to the city's EDA revolving loan fund until 53 jobs are created at the plant. At that point the amount reduces to $3,563.

Blake Chaffee, communications director for DEED, says agency officials are aware Singleteary wants to seek another job creation extension and deferment of loan payments.

"We're urging him to start that process with the city. But, the state will have the final say," Chaffee says. "We need the time to review his request."

Subsidy agreements with DEED, says Chaffee, are set to expire at the end of April.

"If there isn't new agreements in place, he'll have to start making loan payments on May 1," he adds.

Several other parties are lining up to collect money owed to them.

There are at least three cases that have been filed in small claims conciliation court in Faribault County.

Documents at the county recorder's office in Blue Earth show six companies have filed a "mechanic lien" either against Singleteary or the company.

The total amount of the claims is $337,675, with the largest debt being to Ankeny Builders Inc. in Blue Earth for $271,188.

 
 

 

I am looking for:
in:
News, Blogs & Events Web