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A private Scappoose property development partnership that stood the most to gain from last year’s $4.2 million federal stimulus package for the extension of Havlik Road has filed for Chapter 7 bankruptcy protection.
Scharf Properties, Ltd. on Dec. 14 filed for bankruptcy in U.S. Bankruptcy Court in downtown Portland.
A second meeting of creditors was scheduled yesterday, Jan. 26, in response to an earlier meeting in which Scharf Properties general partner, David Scharf, failed to appear, said Salem-based trustee in the case, Rudolfo Comacho.
While there had been rumors and concern about the financial health of Scharf Properties even prior to March’s stimulus allocation, there has since been considerable effort by Scharf’s son, Joseph, to make his family’s long-standing dream to develop the property into a reality.
Joseph said land deals are poised to close on the three tax lots totalling nine acres just north of the Havlik Road extension now under construction.
“It’s just a matter of getting the funding approvals,” Joseph said Tuesday morning.
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