Judge Rules against Developer of Planned Water Park, Hotel in Grafton, Wis

According to the order approved by Judge Joseph McCormack, Cambridge-based development company KNK Properties LLC, developer Kjell Kaashagen and his wife, Nancy, owe the Sun Prairie financial institution $2.71 million in principal, interest and fees. Grafton Village Administrator Darrell Hofland sai...

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Bibliographic Details
Published inKnight Ridder Tribune Business News p. 1
Main Author Cole, Jeff
Format Newsletter
LanguageEnglish
Published Washington Tribune Content Agency LLC 30.10.2002
Subjects
Amusement parks
Equity financing
Hotels & motels
Kaashagen, Kjell
McCormack, Joseph
Resorts & spas
Site planning
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Summary:According to the order approved by Judge Joseph McCormack, Cambridge-based development company KNK Properties LLC, developer Kjell Kaashagen and his wife, Nancy, owe the Sun Prairie financial institution $2.71 million in principal, interest and fees. Grafton Village Administrator Darrell Hofland said he had no comment. Grafton officials had built in safeguards that required Kaashagen to prove he had financing before a building permit would be issued. On Aug. 27, the village gave Kaashagen until Dec. 1 to secure the needed financing for the project. At the same time the village set the deadline, Kaashagen paid $178,000 in back property taxes, special assessments and fees.