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Mt. Vintage problems grow: $10 million foreclosure action filed by local bank $661,623.63 mechanics lien on unsold property for non-payment also filed web posted January 29, 2009 EDGEFIELD – Problems at Mt. Vintage are growing, and it is not just the failure to complete the infrastructure and roads on the “New Nine” complaints to the Edgefield County Council. Public records show just days before Bettis Rainsford stood before the county council claiming progress was being made, Prince Grading Company, Inc., filed a $661,623.63 mechanics lien on unsold property for non-payment. According to court records obtained on Wednesday, a foreclosure action has commenced against MV (Mt. Vintage) Development Company LLC for over $10 million in loans from Carolina First Bank. The ten page filing by Carolina First Bank Tuesday took place at 10:11 am, the morning the of the cancelled special called meeting of the county council which was to address the problems at Mt. Vintage. According to the filing, “Notice is hereby given that an action has been commenced and is pending ”against Mt. Vintage Development and “for the foreclosure of the following mortgages of real estate from MV Development, LLC to Carolina First Bank”. The filing showed three mortgages as the basis for the action. The first in the amount of $7 million dated January 19, 2007 that was later modified “increasing the amount to $9,303,000” in December of 2007. The second was in the amount of $1.1 million dated May 12, 2004 and the third for $58,993.47 dated February 1, 2008. The total amount filed in the action came to $10,461,993.43. The lots named in the action covered eight pages of the ten page filing. The filing represents only one side of the matter. It has also been recently learned that the initial complaint to the Edgefield County Council by Dennis Brite, and others, about the failure to complete paving on Eutaw Springs Trail is not the only unpaved road in the “New Nine”, there are five. At a homeowners meeting on January 26, 2009, Mr. Rainsford provided the Mt. Vintage Homeowners Association with a handout stating that the roads yet to be completed are Eutaw Springs Trail, Calvery Run, Doby Court, Budwell Court, and Cotton Gin Court. The handout stated that funding was being sought to pay for the road construction and paving. According to the handout, Mt. Vintage Development has, “made the decision to bring in a new contractor for the water and sewer work who was able to dedicate more resources to the project. Town and Country Construction of Greenwood arrived Monday, January 12, 2009 and has been constantly on the job since that time.” Mt. Vintage will be on the agenda of the February 3 meeting Edgefield County Council due to the failure to complete the required infrastructure and not having a surety bond on file with the county. Mr. Rainsford said early this month Mt. Vintage was never asked to provide and such bonds by former County Administrator Wayne Adams or the Building Department Director Howard Gibson. Adams and Gibson have since both left the county for other jobs. The civil action filed by Carolina First Bank is No. 2009-LP-19008 (Listing of the online case number is 2009LP1900008) © Copyright 2009
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