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Turner Foundation owes $1.13 million for Tecumseh Y, PNC Bank says

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By Elaine Morris Roberts, Staff Writer Updated 7:50 AM Thursday, March 11, 2010

SPRINGFIELD — PNC Bank is now setting its sights on the Turner Foundation for repayment of the $1.13 million mortgage loan still outstanding on the Tecumseh Recreation Center.

In a document filed in Clark County Common Pleas Court on Feb. 11, PNC Bank filed a lawsuit claiming the Turner Foundation “entered into a Guaranty Agreement,” and is now responsible for repayment of the entirety of the recreation center’s loan.

The document states the “Turner Foundation has breached the ... contract by failing to pay quarterly installments ... in accordance with the provisions” of the agreement.

PNC Bank, which named the rec center as an involuntary plaintiff, asked the court “for all past due installment payments due on its guaranty in the amount of $100,000 plus statutory interest.”

John Landess, executive director of the Turner Foundation, did not return a call seeking comment.

The center at 524 N. Dayton-Lakeview Road — formerly the Tecumseh YMCA — closed its doors Dec. 23 and relinquished the facility to the bank Dec. 30.

In a previous agreement among the parties, the bank agreed to a buyout and mortgage reduction in the amount of $800,000.

The Turner Foundation agreed to pay the remaining $625,000 principal, leaving the $175,000 in interest to the center.

The center was unable to raise the funds to cover its portion of the debt.

The center’s financial problems, which stem from the addition of a $1.2 million aquatics center in 2004, began in August when the bank asked a judge to foreclose on the center for nonpayment of two promissory notes.

Contact this reporter at (937) 328-0371 or elroberts@coxohio.com.

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