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JDC foreclosure ‘called off’
By Derek Hodges
A threatened foreclosure on property owned by the Jackson Development Corp. has been averted.
County officials had announced at the commissioners’ Monday, May 2, meeting that foreclosure papers were served on a loan from Triple S to Jackson Development. Commissioners discussed the matter, trying to decide whether they should purchase the former Tuckaseigee Mills property if it should come up for auction. They decided to put off any decision until they had more information.
At that time, Jackson Development President and Economic Development Commission Chairman Tom McClure said that the foreclosure would be avoided by refinancing the Triple S loan.
“It’s under control,” McClure told The Herald. “We’re just finishing up the paperwork.”
At commissioners’ meeting Monday, May 16, county attorney Paul Holt confirmed McClure’s statement.
“The foreclosure was called off this afternoon,” Holt said.
The loan was refinanced for Jackson Development by James Hooper for $175,000, Holt said.
Hooper now holds the first deed of trust for the property. The EDC holds the second, with a $565,000 investment.
McClure said he felt “good” about the future of Jackson Development and the property. He said the refinancing was all part of a plan and that there was never any real danger of losing it.
“We’ve got the possibility of more tenants in the building,” McClure said.
Currently, QC Apparel is the building’s only renter.
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