Tuesday, June 04, 2019
NEWSFLASH!!! MISSION GATEWAY CONFRONTS MORE MONEY PROBLEMS!!!
Developers seem to be quickly answering concerns whilst money woes reveal cash trouble behind the scenes.
KC Biz Journal: More Mission Gateway woes: General contractor filed $1.5M lien
As the developers behind Mission Gateway sought to return to normalcy on the much-delayed project at Johnson Drive and Roe Avenue, one of its general contractors filed a $1.5 million mechanic’s lien in Johnson County to get payment for work it had completed.
Filed in January 2019, the lien was resolved about four months later. A mechanic's lien is the first step a contractor must take to legally receive unpaid compensation for a job . . .
Two subcontractors had filed mechanic’s liens, worth about $200,000 each, against the developers and Neighbors Construction. Those were resolved around the time the project received $20 million in bridge financing from Metropolitan Commercial Bank. When asked whether the project has received additional financing, Ashwal said it had not yet but is continuing on schedule.
“Mission Gateway’s developers continue to work within the financing received from MCB and are in discussions with several lenders for mezzanine and senior debt,” Ashwal said in the statement. “These conversations are progressing on the schedule anticipated by the project development team.”
Developing . . .