DERBY – IROC's executive director, Phil White, went before the court Monday in an attempt to get more time to try and refinance the organization's debt and avoid foreclosure.
But Community National Bank is saying no. The bank decided to give IROC until April 1 and does not want to extend the redemption period any longer. White has filed a motion asking to move the deadline to July 15.
A Community National Bank spokesperson told the court that the bank understands the value of IROC, but noted that IROC has not paid its mortgage for 16 months and the bank has also had to pay IROC’s property taxes.
White said that the agreement for April 1 was contingent upon finding a promising solution, but the bank's spokesperson disagreed, saying the bank really didn’t even want to go to April 1.
White countered that he was under the impression that he could ask for more time.
Donors have committed to giving $25,000 a year to IROC (Indoor Recreation of Orleans County). But so far, no one else has stepped up with enough money to make up the difference. IROC owes just over $1.4 million.
For more of this story, see Tuesday's edition of the Newport Daily Express for March 5, 2013.