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March 23, 2007

Palmwood Default

The Desert Sun confirms the story that the Palmwood project is in default on $3.9 million in loans. Foreclosure could begin immediately.

Here, Desert Local News interviews City Manager Gallant about why the city council voted to move the project forward 10 days after it went into default, and whether the developer will be able to pay the city's legal expenses in defending itself against the suit by the Sierra Club, as promised.

Filed under Coachella Valley | permalink | March 23, 2007 at 12:14 PM

Comments

Here I thought I was going to be high class with new resort in town..darn!

Posted by: chip at Mar 25, 2007 11:52:54 AM

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