By any measure, it's been a long, long haul for folks who have a stake in Izaty's Resort. Since the resort closed abruptly in early October 2007 through the entire year of 2008, everybody's been wondering what is next for the once thriving resort that is Mille Lacs County's second-largest taxpayer.
Well, it's 2009 and Izatys is a step closer to a comeback as now Commerce Bank owns the resort outright after Izatys Resort LLC owners failed to redeem on the property as of the end of the day Monday, December 28th.
According to Commerce Bank, there are at least three viable potential purchasers in the wings. However, tight economic times may be preventing any of those entities from coming forward right away. Banks are leery of extending credit without bullet-proof business plans and alot of owner equity involved.
Barry Hines, former Izatys Golf Course Superintendant, who has been active ensuring security while showing the property since last fall says that whoever comes in needs to take hold by February 15th to ensure they can get a plan in place to get the golf course or courses open in time for 2009.
Many speculate now that Izatys could be in for another season where there are no amenities open -- like pool, Clubhouse, Links Lodge. If a new developer does buy the resort later, it might take many months to get it back into the condition needed to sustain a business.
What it all means to the local economy is clear. Without Izatys Resort being operational, many south shore businesses feel the impact. When 130 lakeside townhomes and 67 Village at Izatys Timeshares aren't at full capacity, the whole area loses out on nearly 1,500 extra visitors.
What will 2009 hold for Izatys? At this point, it's still anybody's guess!
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3 comments:
I grant you one thing. Any new owner will be better than what we just came out of for the last 7 years. I can grant you one thing your investment in your property and my job (I hope) will only grow with time. This property cannot be run down much more. The local community needs this property to survive and the property needs the locals to survive. Remember who wrote this and quote me "Izatys Resort needs the LOCAL COMMUNITY". I look at it like this everyone including myself has to be more positive and work together for this property to work for the next OWNERS!! Yes I believe 2009 will be better than 2008 due to the OLD IZATYS DEMONS, I believe are gone!!! Lets all move on. By the way we need to get Make it Mille Lacs roaring again. Mikey, start with the top 1000 reasons The Old Izatys Resort did not work the last 7 years and what Ideas the Next Izatys Owners need to do to Capitalize on there NEW BEGINNING??
Any news coming in? Rumors are flying around. I heard Mr. and Mrs. IRS are going to own something on south shore of Mille Lacs. Fiddlestix could be open in 75 to 85 days with a little global warming. I do not feel that everything could be put together before March 1 for Izatys Resort. What are others thoughts? I think a poll should be what Commerce Bank settles for as the final selling price for Izatys Resort? 2.9 is my call. This is under what the auction brought in the market that is soft and the bank wants to move the property. Will Izatys Resort keep the same name? Will the course change from 36 holes to 27, 18, 9 or back to farm land? Will Izatys Liquor License be renewed for 2009? Just a couple of questions for you to ponder during this wonderful winter season!!! Feedback is always welcome.
THE BANK OWNS IT OUTRIGHT AND THEY ARE A SMALLER BANK WHO DOESN'T WANT TO TAKE A HIT ON THE BALANCE SHEET. DON'T BLAME THEM, BUT THIS WON'T BE SOLD UNTIL THEY REALIZE THAT THEY HAVE TO INCURR A LOSS. ITS THE PRICE THEY PAY FOR MAKING A BAD LOAN. IF THIS WAS A BIG BANK, IT WOULD ALREADY HAVE NEW OWNERS. THERE ARE AT LEAST 1 IF NOT 2 COMPETENT GROUPS WANTING TO MAKE THIS INTO A MAJOR DESTINATION POINT.
I KNOW THAT THE ONE GROUP IN PARTICULAR HAS A GREAT RESUME AND I HOPE THE BANK SELLS TO THEM FOR OUR SAKE UP HERE. THEY'VE BEEN RUMORED TO HAVE MADE AT LEAST 1 ALL CASH OFFER IN THE PAST YEAR AND HAVE BEEN REBUFFED BECAUSE IT WASN'T FULL PRICE TO "MAKE THE BANK WHOLE". MAYBE THE BANKERS WILL COME UP AND SELL BAIT AND RANGE BALLS.....
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