|By Tom Daykin, Milwaukee Journal
SentinelMcClatchy-Tribune Regional News
June 06, 2012--The Oak Creek Common Council is poised to withdraw a preliminary plan to provide financing help for a Sheraton Four Points hotel after the developer was named in a foreclosure suit.
The council, at its Tuesday night meeting, was to consider a resolution to rescind the plan to provide $4.5 million to help develop the 107-room hotel and covered 1,830-space parking lot aimed at travelers using nearby Mitchell International Airport.
The hotel was proposed for the southeast corner of S. Howell and E. College avenues by developer Greg Trapani, whose family operates Trapani Construction Co. of Arlington Heights, Ill.
A foreclosure suit recently filed in Milwaukee County Circuit Court by Morton Community Bank, of Morton, Ill., claims two investment groups, Trapani Family Properties LLC and Syner G Oak Creek LLC, owe $3.96 million from three defaulted loans.
Trapani said previously that the suit is being dismissed, although neither a response to the foreclosure claim nor a dismissal notice has been filed yet, according to online court records.
The Common Council granted preliminary approval in May 2011 to help finance the $27.2 million development, but no city funds have been provided.
The council delayed action on the resolution in March to give Trapani more time to obtain private financing.
(c)2012 the Milwaukee Journal Sentinel
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