Evergreen Museum Property Could Go to Auction

by San Antonio Attorney

The Evergreen aviation empire consisting of the space museum and water park located at the McMinnville campus,will possibly face a public auction next month due to the landlord’s failure to comply with a $1.9 million debt.  This debt stemmed from the sky-high construction costs.

Hoffman Construction, the contractor in charge of the Evergreen Museum, filed a foreclosure suit against the Michael King Smith Foundation last 2014.   This foundation was nonprofit organization that owned several Evergreen assets including the space museum and waterpark properties.

The contractor’s $1.9 million claim was due to a 2013 promissory note of $8.5 million to be paid by the nonprofit.  Michael King Smith Foundation put up the space museum as collateral in order to secure the amount.

The foundation failed to pay the $8.5 million in full amount and signed a payment agreement with Hoffman with an attached amended promissory note for $1.9 million last February 2014.  The amount was initially due in April 2014 and was secured by marking the water park as collateral.  The foundation failed to comply by the April deadline and Hoffman filed for permission to foreclose after eight months.

The foreclosure was authorized in July, and Evergreen Space Museum and Wings & Waves Waterpark property was slated for a public auction in November.

Despite the pending auction, the establishment will resume normal operation, according to museum spokesperson Melissa Grace.

An official settlement and auction of EVA’s assets was approved earlier this year with $20.5 million, the majority of the proceeds have the guarantee to go to the bank directly.

The sheriff’s sale is slated for a 10 a.m schedule on November 30.  The venue will be on the front steps of the county courthouse in McMinnville.

 

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