Tuesday, November 10, 2009

Ilitch Partner Delinquent on 2008 Property Taxes

According to the St. Clair County Department of Equalization the 2008 property taxes on all eight parcels on Harsens Island, MI, owned by Lucky 7 Development, LLC, and referenced below, remain delinquent. These parcels collectively are commonly referred to as the former Harsens Island Boys Club property (Camp Drusilla Farwell).

Parcel History
Documents dated February 12, 1997 and filed in St. Clair County, Michigan record that seven parcels of land situated in Clay Township, St. Clair County, were transfered from D. Fred Smith and Stephanie Smith to Lucky 7 Development LLC. These seven parcels are identified as follows:
Lucky 7 Development LLC manager Michael J. Malik entered into a $2 million mortgage agreement with Comerica Bank covering these seven parcels on December 26, 2003.

Documents dated December 9, 2005 and filed in St. Clair County, Michigan record that one parcel of land situated in the Township of Clay, St. Clair County, and commonly referred to as 805 North Channel, was transfered from Thomas M. Wiethorn to Lucky 7 Developoment LLC. That parcel is identified as follows:
Lucky 7 Development LLC manager Michael J. Malik entered into a $480,000 mortgage agreement with Comerica Bank covering this parcel on June 2, 2006.

Malik and his Lucky 7 Development LLC / Grand Pointe Development LLC have previously proposed several failed development projects for these parcels including a marina and a large-scale clustered housing project that was anticipated to re-route North Channel Road.

Malik partners with members of Detroit's Ilitch family on various casino development projects in Michigan and throughout the U.S. His business numerous affiliates are registered at the same address as Ilitch Holdings, Inc. in Detroit and his personal office is among the suite of executive offices at Ilitch Holdings headquarters.

In April, Fifth Third Bank filed notice with the Oakland County Circuit Court noting Malik was in default on a $1 million line of credit. Property owned by Lucky 7 Development has been transferred to the Michigan Department of Treasury by Fifth Thirds Bank.

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