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Under the settlement agreement, Anchor will put $900,000 into an escrow account. If another developer isn't found in five years for the project near the public library at S. 150th St. and W. National Ave., New Berlin can use the funds to complete the installation of the road, sidewalks and streetlights, City Attorney Mark Blum said Wednesday. If another developer is found for the project before then, the bank would get the money back, he said. The city had held a $1.1 million letter of credit for the condo project. One condominium building was constructed in the Deer Creek Homes project near the public library. Two more were supposed to be built, along with a road, but developers pulled out before they were built. In May 2008, the city received a letter stating that because of the economic downturn in the housing market, Deer Creek Homes had put "all future development on indefinite hold." Anchor foreclosed on the Deer Creek Homes developers. The city considered the Deer Creek project to be in default and went to court to pursue the funds from the bank. To see more of the Milwaukee Journal Sentinel, or to subscribe to the newspaper, go to http://www.jsonline.com. Copyright (c) 2009, Milwaukee Journal Sentinel Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA. For full details for ABKR click here.
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