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Aug 7, 2008 3:17 pm US/Pacific

KB Homes Defaults On $3M To Vallejo Unified

VALLEJO (BCN) ― A nationwide homebuilder was sent a notice of default Wednesday for failing to make a scheduled $3 million payment to the Vallejo City Unified School District for the purchase of 17.2 acres of school property.

The homebuilder, KB Homes, had paid the district $6 million over the past two years toward the total purchase price of $17 million, with the plan to build homes on the property in the hills of Vallejo.

However, KB Homes has not made the most recent annual $3 million payment, which was due on June 23, citing the slowdown in the housing market and the city's bankruptcy as reasons for not paying, according to the district.

The school district referred the matter to its attorneys to pursue payment.

(© CBS Broadcasting Inc. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. Bay City News contributed to this report.)

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