Ripon’s lawsuit against a downtown developer has grown more teeth.
In seeking to recoup funds loaned to Boca Grande Capital LLC for a downtown rehabilitation that wasn’t completed, the lawsuit now will seek more than just cash.
It now wants Boca’s buildings, too.
“The City seeks a sheriff’s foreclosure sale of the Mortgage Properties within six months of the date of entry of Judgement of Foreclosure and Sale,” according to the amended complaint. “... By this action, the City seeks the appointment of a receiver to collect the rents and profits of the Mortgaged Premises.”
Specifically, the city aims to claim:
- Project B-4: 205-207 Watson St. (former Benkoski building)
- Project B-5: 217 Watson St. (site of Imagineers)
- Project B-6: 231-233 Watson St. (vacant)
- Project B-7: 301 Watson St. (former Senior Center)
- Project B-9: 310-312 Watson St. (recently burned buildings)
In July 2011, the city took first position on loans for each of those sites, and now wishes for them to be sold at sheriff’s sale.
In doing so, the city aims to claim both the buildings and the property contained within them that is owned by Boca Grande, principal James Connelly and several related LLCs.
According to the complaint, “In order to further secure the obligations evidenced by the Agreement and as required by the Agreement, Boca, Bulldog [Capital LLC] and 301 [Watson St. LLC] ... executed and delivered to the City a mortgage(s) ... on or about July 7, 2011, by and under which the Mortgagors granted the City Mortgages and security interest in the real estate, personal property, fixtures and other collateral described therein ...”