Local developer Paul McKee’s legal troubles have moved to the auction block.
Notices of two separate auctions tied to McKee companies have been filed since the beginning of the month.
The first is connected with the Hazelwood Logistics Center in St. Louis County. The 151-acre site at Lindbergh Boulevard and Missouri Bottom Road was supposed to become an industrial and logistics center but remains mostly undeveloped.
In 2011 a federal judge ordered McKee and the company to pay BancorpSouth $32 million stemming from unpaid loans. As of April, $125,000 had been paid.
Then last week an entity called NP Hazelwood 140 filed a motion to take over BancorpSouth’s judgment. On Saturday the company, which is registered in Kansas City, filed notice it would auction the center’s land and assets.
Those assets include Tax Increment Financing bonds issued by the City of Hazelwood worth at least $17 million and $6.9 million in “brownfield” tax credits from the state of Missouri.
Hazelwood’s economic development director, David Cox, did not immediately return a call for comment. Jim Gradl, a spokesman for McKee, was not able to comment immediately either.
The auction will be held at noon on May 29 at the St. Louis County Government Center Courts Building.
Then on Monday, notice was filed for an auction related to another McKee company, McEagle Properties, LLC.
Titan Fish Two, a company based in Shawnee, Kansas, a Kansas-City suburb, filed suit against McEagle in March claiming the company owed $2.5 million in defaulted loans.
Now, according to the notice, Titan plans to auction “95% of total membership interests of McEagle Properties LLC” at 10 a.m. on May 18. That auction is scheduled to take place at Lewis Rice LLC in downtown St. Louis.
In a separate lawsuit, filed in April, Titan Fish Two is seeking receivership for more than 400 parcels McKee's Northside Regeneration owns in north St. Louis. Titan claims McKee owes more than $17 million in defaulted loans.
Across the river, PNC Bank filed suit in the U.S. District Court - Southern District of Illinois claiming McKee's Three Springs at Shiloh defaulted on an $8.3 million loan. PNC is also seeking to take over that development's land, as well.
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