This morning we'll highlight a most revealing Bryan Saxton story in the Standard-Examiner, concerning the latest setback for Larry Myler, the Orem-based developer who'd been lined up by Boss Godfrey to develop that snazzy new downtown hotel at the northeast corner of Ogden's City's Junction project. From this morning's story:
CLEARFIELD — A notice of default has been filed against Midtown Village LLC by a Utah County bank for $54,476 in delinquent interest payments on a land loan.Oddly enough, Myler is completely nonplussed at the prospect of finding his Clearfield development project now in foreclosure. Myler is a bigshot developer, after all, and foreclosures are just minor nuisances which can always be cured at the very last minute by clever guys like he. Bankers, of course are just schmucks who get pushed around by bigshot developers all the time:
But the developer of the proposed $100 million Clearfield project maintains the notice is a “minor issue” that will not interfere with the development.
The notice, filed by Central Bank with the Davis County Recorder’s Office, claims interest is owed stemming from a $2.5 million loan taken out by Midtown Village LLC for property at 788 S. University Park Blvd., Clearfield.
Midtown Village is being developed by Larry Myler, Rob Storey and partners. The development, east of the freeway, is proposed to include a live theater, residential condominiums and a hotel.
“That (notice) will be cured and taken care of shortly. It is a nonissue,” Myler said of the overdue amount. “I don’t think anything is going to affect the project.”Myler isn't the only one who's un-rattled, it would seem. Clearfield city officials, like big government planners and schemers everywhere, are also apparently taking it all in stride:
Myler said the team is not going to allow a $100 million project, which involves a $2 million investment having been already made, to be done in by a $54,000 interest payment.
The development team has 60 to 90 days to catch up the overdue amount, Myler said, “which we will do. That is the easy part.”
Despite the notice of default, Clearfield leaders’ confidence in the project remains unshaken.We'll note that it's been roughly 3-1/2 months since Mr. Myler announced that his plans for Ogden's 14-story hotel/wading pool project were put on hold. It was of course about the same time that we learned that another Myler project was also in a holding pattern. Myler's general contractor (whose payments were apparently in arrearage) had of course stopped work on a similar project in Orem a month previously, had liened the Orem property and summarily walked off the job.
Regarding the stalled Ogden hotel project, Ogden City economic development department director Dave Harmer expresses a brand of caution which seems uncharacteristic of the normally highly optimistic Mr. Harmer:
“It’s kind of on hold because of problems with the Orem (development),” said Dave Harmer, Ogden director of community and economic development.So let's see now... Mr. Myler's Orem project remains stalled, his general contractor apparently remains unpaid -- and now he's in foreclosure in Clearfield.
He said Ogden leaders did not get beyond a conceptual stage with those behind the Midtown Village project.
“The current economic times are tough on projects,” he said.
Who amongst our gentle readers would like to predict what the next likely development will be in the Larry Myler saga?
(Here's a helpful hint: It involves a branch of the U.S. federal court system.)
