Jul 24, 2009 11:15 am US/Central
Foreclosure Notices For Manager Of Tollway Oases
CHICAGO (Sun-Times Media Wire) ―
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A truck heads towards the Illinois Tollway. (File Photo)
Tim Boyle/Getty Images
A foreclosure notice has been filed against the company that leases and manages the Lake Forest, Hinsdale and five other Oasis locations on Illinois toll roads.
In April, iStar FM Loans filed the foreclosure notice in Cook County Circuit Court against Wilton Partners Tollway, which holds a long-term lease with the Illinois Tollway to operate the seven rest areas on the system.
However, because of an apparent oversight, iStar did not publish the foreclosure notices in local papers in Lake, Boone and DeKalb counties until July, according to tollway spokeswoman Joelle McGinnis. The Cook County notices were published in April, she said.
McGinnis said Wilton has been retained by iStar to continue to manage the oases during the foreclosure process.
"There has been no change in the status of the oases, nor has there been any impact on our customers," she said.
McGinnis said Wilton entered into a 25-lease with the tollway in 2002 to operate the seven locations, including Lake Forest, Hinsdale, Chicago Southland, Belvidere, O'Hare , DeKalb and Des Plaines.
However, Wilton has been in default on construction loans used to finance the redevelopment of the facilities and is also behind in rent payments to the tollway. iStar, which holds the mortgage on the loans, McGinnis said.
"The tollway isn't a party of iStar's lawsuit so it has no control over the timing of the case," she said.
iStar is required by law to comply with the terms of the original lease agreement and Wilton will continue to manage the facilities until the foreclosure process is finalized. McGinnis said all the facilities remain clean and in good condition.
"The oases are not going to close," she said."The tollway still owns the oases facilities. This doesn't change that at all."
State Sen. Susan Garrett of Lake Forest said she was surprised and disappointed that she was not notified earlier by the tollway about the possibility of a foreclosure at the Lake Forest Oasis.
Garrett said the first she learned about the notice was when she was contacted by Pioneer Press after a classified ad appeared in the newspaper.
"As a state senator, I was very surprised to hear there was a possibility of a foreclosure of the Lake Forest Oasis and this might require hearings into the financial status of other oases along the tollway," Garrett said.
"I find it offensive as a local legislator that I find out about the problems of the tollway through classified ads in the newspaper," she said.
"The tollway should be as up front about these matters as possible. There's no reason legislators shouldn't be totally in the loop..."
(Source: Sun-Times Media Wire © Chicago Sun-Times 2009. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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