PALMDALE MAY DELAY FORECLOSURE; RITTER RANCH BUYER WANTED.Byline: Jim Skeen Daily News Staff Writer City officials are negotiating a settlement intended to hold off Palmdale's foreclosure action on the 10,625-acre Ritter rit·ter n. pl. ritter A knight. [German, from Middle High German riter, from Middle Dutch ridder, from r Ranch housing project to give a New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of company time to find a buyer for it. The settlement being negotiated would help untangle a slew of legal actions taken in the wake of the failure of what was to be a 7,200-home project. Under a proposal by Bankers Trust The Bankers Trust is a historic American banking organisation that was acquired by Deutsche Bank in 1998. It was originally set up when banks could not perform trust company services. of New York, which took over the property from the developers, the city would delay pursuing the foreclosure action until March 31, 1999. There are provisions for an extension of that stay to Sept. 30, 1999 if all bond debts up to the March 31, 1999 date are paid. Thus far, there are nearly $12 million in missed payments for bonds that financed flood control facilities and other public improvements on the land. An additional $7.4 million is due in April. ``The parties will attempt to have the final settlement agreement finalized by Feb. 28 to avoid even a short-term default on the bonds,'' City Attorney Matt Ditzhazy wrote in a staff report. Palmdale, which is the administrator of the bonds, began foreclosure proceedings against Bankers Trust; RPC (Remote Procedure Call) A programming interface that allows one program to use the services of another program in a remote machine. The calling program sends a message and data to the remote program, which is executed, and results are passed back to the calling Liquidating Trust, which holds the first mortgage on the property; and a number of contractors May 14. Bankers Trust became the property owner after foreclosing on the original developers, a company formed by Lorimar Telepictures executives Irwin Molasky Irwin Molasky is considered a pioneer and one of the most important people in the development of Las Vegas. He built Las Vegas' first enclosed mall, the Boulevard Mall; first major hospital, Sunrise Hospital & Medical Center; first high-rise condominium, Regency Towers; the and Merv Adelson. RPC Liquidating Trust filed a cross-complaint against the city and the original developers. The settlement proposal calls for RPC to drop its cross-complaint and for the contractors who worked on the project to be paid with bond proceeds. The biggest payment would be $2.6 million to Granite Construction Granite Construction is a member of the S&P 400 Index, and is the parent company of Granite Construction Company, one of the nation's largest heavy civil contractors and construction materials producers. . Other contractors would receive a total of $1.1 million. In February 1995, the Palmdale City Council authorized the issuance of $50 million in revenue bonds to pay for streets, water lines and other improvements for the project. To date about $18 million has been spent, officials said. Palmdale administers the bond, but it not responsible for the payments. Ritter Park Associates had started construction on the improvements, including an earthen earth·en adj. 1. Made of earth or clay: an earthen fortification; an earthen pot. 2. Earthly; worldly. dam, but the developers suspended work on Ritter Ranch before a single home was built. |
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