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Centre Lakes AquaPlex was to be developed on nearly 450 acres in the village of Plover. But managing partner Scott Neale of H2O Development never secured all the funding necessary for the project.
H2O Development owes about $3.6 million to Kennedy Funding of Hackensack, N.J., as well as more than $150,000 in back property taxes to Portage County.
Neale made only a few payments on his loan from Kennedy before the property went into foreclosure.
The village paid H2O a $1 million developer's incentive for preliminary work done on the site. Village Administrator Dan Mahoney says the community will recover that payment from future developers.
An auction on the property is scheduled Oct. 13.
