City asked to issue bonds for Sauk Commons project
STERLING – The city was asked Monday night to consider issuing up to $5 million in bonds to refinance the defaulted Sauk Commons project in order to take advantage of federal tax incentives.
Sauk Valley Student Housing LLC, a nonprofit group created by Sauk Foundation, owns the student housing complex next to Sauk Valley Community College.
Sauk Commons filed for bankruptcy in February 2011. Chicago-based Harris Bank is its creditor.
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