Sherrard wants payment from FDIC for Fyre Lake

Posted Online: July 14, 2014, 11:04 pm
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By Dennis Moran,
SHERRARD -- Village officials want a check from the Federal Deposit Insurance Corporation for roughly $28,000 as reimbursement for maintaining Fyre Lake Development property over the past several years.

But they're not holding their breath.

"Right now, the only ones we can go after is the FDIC," village clerk Theresa Johnson said after Monday's village board meeting.

The FDIC was named receiver of the development's assets after the Country Bank of Aledo closed in October 2011. The developers of Fyre Lake had borrowed millions from Country Bank.

During the meeting, Mrs. Johnson and others discussed maintenance items the village has paid for at Fyre Lake, including snow plowing, roadwork, attorney's fees and engineering costs, among others. Some date to before the FDIC receivership.

Mrs. Johnson said a check from the FDIC for $7,014 has been received to cover pumping sewage to lift stations. However, Sherrard is seeking reimbursement for other costs.

In other business, the board voted to allocate up to $10,000 to buy two 2009 Crown Victoria police squad cars from Moline. Sherrard police officer Troy Hunzeker said the vehicles can be bought for about $8,000. Police Chief Merle Curphy said the Moline vehicles are in far better shape than the village's 2003 Impala squad car, which has been beset with maintenance issues.


Local events heading

  Today is Monday, Sept. 1, the 244th day of 2014. There are 121 days left in the year.

1864 -- 150 years ago: We are informed by J.H. Hull that the reason the street sprinkler was not at work yesterday settling the dust on the streets, was because one of his horses was injured.
1889 -- 125 years ago: Bonnie McGregor, a fleet-footed stallion owned by S.W. Wheelock of this community, covered himself with glory at Lexington, Ky, when he ran a mile in 2:13 1/2. The horse's value was estimated as at least $50,000.
1914 -- 100 years ago: Troops are pouring into Paris to prepare for defense of the city. The German army is reported to be only 60 miles from the capital of France.
1939 -- 75 years ago: The German army has invaded Poland in undeclared warfare. Poland has appealed to Great Britain and France for aid.
1964 -- 50 years ago: Publication of a plant newspaper, the Farmall Works News, has been launched at the Rock Island IHC factory and replaces a managerial newsletter.
1989 -- 25 years ago: Officials predict Monday's Rock Island Labor Parade will be the biggest and best ever. Last minute work continues on floats and costumes for the parade, which steps off a 9:30 a.m.

(More History)