Posted in the Coal City Forum
#1 Aug 12, 2008
I just read the Prairie Shoper and it reads...
" Richards Crossing, the residential developement Kennedy Homes walked away from earlier this year has been placed in a court ordered receivership. What does that mean for residents of the developement and the village that welcomed the project to it's community."
Read more in the Aug. 13 edition of the Coal City Courant.
Anyone know anything about this?
What does it mean??
I just bought a home on Barber Court.
#2 Aug 14, 2008
Receivership is a fancy word for someone who is ordered by the court system to handle the disbursement of assets, if any. It is a way to attempt to recover money on behalf of any bankruptcy. Having looked at this project I doubt there will be any money leftover in the end. The property is in shambles with weeds and overgrowth everywhere, the roads leading to and in the subdivision have gone or are going to hell; and the houses that are under construction have been exposed to the elements far too long. This is a hornets nest of issues that face homeowners like yourself. The only real way out of the mess is if another developer picks up where Kennedy dropped the ball, which in today's economy may not happen for some time. Or, the homeowners that are living there now can form their own group to maintain the entrances etc and leave the city to argue for the roads & improvements with what should be a bonded dollar amount. It must be a cooperative effort by your town government and the homeowners effected. Have you all presented yourselves to the community fathers to see what can be ironed out? Just a thought.
#3 May 28, 2013
Where is Richards crossing? Looking to move to coal city
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