Lake Geneva, Wisconsin
Nancy Johnson addressed the city council on 1/12/2009 representing Kennedy Funding Inc. about Hillmoor Golf Course and the pending council action to terminate the lease for the City of Lake Geneva’s land. On December 30th Kennedy Funding KF received a foreclosure judgment against White River Crossing and all of its guarantors. Ms Johnson went on to state “That means the foreclosure sale will occur after June 30th 2009. I must reiterate that KF was not aware of any problems with Hillmoor Golf Course until I read in the Janesville Gazette . . .that the lease was in default. George White had told KF that there were no problems, in fact he had told the judge during the receivership hearing that the city had waved its lease obligations during the development time. KF has worked diligently to get a receiver in place for the property. KF is owed over $20M . . . the money that they expended for this they are not going to recoup from that property.”
Nancy Johnson distributed a map that showed what property is owned by White River Crossing and what is owned by the City of Lake Geneva The planned development that the city approved includes the city property. She stated if the city terminates the lease the city would have to mow that acreage.”If you terminate the lease you are effectively terminating this P.U.D… and that would lower the value to KF and anybody else … and that would leave KF no other alternative but to litigate this.”
Seth Dizard , from Milwaukee,was appointed the by the court receiver for Hillmoor Golf Course on Sept 29th 2008. He retained Jim Gauger from Lake Geneva to get the golf course open and fulfill the terms of the lease.