Posted: Mar 19, 2012 4:46 AM by AP
BATON ROUGE, La. (AP) - An Ohio lender has not foreclosed on a Baton Rouge development, even though a federal judge authorized such action in August.
The Advocate reports that an important question remains unresolved: whether the developer must provide chilled water at affordable rates for air conditioning at the businesses, apartments and condominiums in Perkins Rowe.
It's an important question for customers and owners of more than 60 stores and restaurants - and for occupants of 317 apartments and condos.
KeyBank National Association of Cleveland sued Tommy Spinosa and several of his companies in 2009 for more than $170 million in construction loans.
KeyBank asked U.S. District Judge James Brady to rule that Spinosa and his firms must provide chilled water for the development's lifetime. Brady said that will probably require a trial.