Joliet City Manager Jim Hock says now that the U.S. Supreme Court has refused to hear the appeal from the owners of Evergreen Terrace, the city is ready to take ownership however there is still one more roadblock, the Department of Housing and Urban Development. HUD contracts have to be transferred to the LLC that the city is forming with Holsten Management Group who will be the third party operator of the development when the city takes ownership. The city manager also stated that the court that has been overseeing the lawsuit has been collecting the revenue from Evergreen Terrace and they will be responsible for it’s distribution once the city takes ownership. HUD has a $12.5 million loan on the property and the $15 million currently being held by the court will be spent towards that loan. The remaining money will then be given to the current owners of Evergreen Terrace.
Listen to this report on WJOL: http://www.wjol.com/7601-2/