Private loans and other donations are allowing Lindenwood Development to satisfy a New London bank and avoid a threat of foreclosure on the Estates of Lawsonia subdivision.
Also, past bills owed to PTS Contractors Inc. for sewer work have been settled.
That’s the news Lindenwood and the Green Lake Conference Center announced Monday.
The private loans and donations, totaling more than $1 million, came from three past and present board members, along with the American Baptist Home Mission Societies.
“They loaned us the money to pay the bank off,” Conference Center President Ken Giacoletto said Monday.
Also announced Monday, Lindenwood is transferring the remaining, unsold lots back to the Conference Center. Lindenwood had owned the land on a land contract, with the sale proceeds going to the Conference Center, and Lindenwood profiting as the home builder.
Now, the Conference Center will reacquire ownership of the land, although Lindenwood will remain the primary developer.
Read the full story in the Aug. 18 Ripon Commonwealth Press.