2015 Developer Default/Bankruptcy

In April of 2015, Harvest Park HOA received a Notice of Default related to the outstanding loans the developer has with Central Bank. The properties connected with the loans and mentioned in the Notices of Default include the clubhouse, much of the undeveloped land to the west between the current homes and the train tracks, improved lots still owned by developer, and some commercial lots at the front of the development. After the notice of default waiting period the trustee handling the matter issued a Notice of Sale for the properties associated with the loans. The first sales were scheduled for September 23^rd, 2015, however that was cancelled. A developer representative has indicated that the developer businesses have filed for Chapter 11 bankruptcy and are now moving down a path to try to reorganize and continue operations through the bankruptcy process.

The HOA Board does not have any other information regarding the status of the default situation or the developers’ plans. Harvest Park HOA is a separate legal and operating entity from the developers and associated entities (Harvest Park Homes, JB3 LCC, Village Court, HP Commercial, or Harvest Park Realty). As such, the HOA will continue to operate and carry out its duties regardless of the outcome, including architectural review and control, maintenance of finished common areas, enforcement of rules and policies, provision of insurance, water, and other services in the PUD (public utility district) areas, etc.

Public documents related to the default can be found on the county records site (http://www.utahcountyonline.org/LandRecords/PropertyForm.asp) by searching for a related property serial number (for example parcel number 270080045 or 416930014). Related information is in the “documents” tab on the property information page.