• Font Size    
E-mail

Close Window E-mail This Page

KB Homes Defaults On $3M To Vallejo Unified

Required fields are marked with an asterisk(*)

The information you provide will be used only to send the requested e-mail and will not be used to send any other e-mail communications. Read more in our Privacy Policy

Send E-mail

   Print     Share +    Comments
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 This material may not be published, broadcast, rewritten or redistributed.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.)

Add Comment

here. here. Need a log in? Register here
  •  * Will not be displayed with comment
  •  * e.g. (http://www.mywebsite.com)
  •  
  • Click here to refresh with new letters

Show Comments (0)

Close Window Login


Close Window Flag Comment


loading...

© MMIX, CBS Broadcasting Inc. All Rights Reserved.