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.


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