Last week, City Administrator Kent Hager reported a court action of foreclosure against Rivers Edge Marine and its owner Paul Sawicki.
In an April 29 memo to city council members, Hager explained that Hometown Bank of Fond du Lac requested the immediate appointment of a receiver and a restraining order by the Waupaca County Circuit Court.
Patrons of the business found it locked up last Monday with a sign posted on the front door that read: “For questions regarding any equipment or boats on site for storage, repair or consignment, please contact Nate Kok at Hometown Bank (920) 731-9025.”
Hager said the bank is foreclosing on three loans totaling in excess of $475,000.
He also reported an outstanding balance of around $40,000 owed to the city’s Revolving Loan Fund.
“Our loan is subordinated to Home Town Bank, so I would suspect we will end up writing this loan off,” wrote Hager. “It is very unfortunate for us to lose this business in our community.”
Hager briefed the Economic Development Committee on the situation last Tuesday.
Mayor Gary Hanke said, “There are people like me out there that depend on the services they offered.”
Hanke is one of many residents along the Wolf River who had their boats winterized and stored at the marina.
Committee members requested Hager to make some calls to the bank and other prospective boat dealers that might be interested in locating a business here.