Lincoln Savings Bank has filed a foreclosure petition against Ignit Johnston LLC, the group behind the proposed indoor/outdoor youth sports and recreational complex in Johnston.
The 15-page petition, filed Nov. 7 in Polk County District Court, names Ignit Johnston LLC co-founder Chad O’Meara and more than 15 junior mortgage or lien holders who have filed mortgages against the property to secure funds that have been lent to O’Meara.
According to the petition, Ignit Johnston’s mortgage with Lincoln Savings Bank is in default. While some payments have been made, Ignit Johnston LLC owed more than $3.56 million as of Oct. 23, plus more than $1,600 per day in accruing interest. To date, that unpaid interest since Oct. 23 totals more than $45,000…