By Philip Haldiman | The Republic | azcentral.com
The owners of the shuttered Mountain Shadows resort in Paradise Valley have hit two milestones that could lead to a revitalized property.
MTS Land LLC and MTS Golf LLC have entered into a settlement with their lender, U.S. Bank National Association, in Bankruptcy Court.
Rick Carpinelli, senior vice president of development for Crown Realty and Development, said the agreement contemplates that the debtor will receive the benefit of a discounted payoff if the loan is paid off within a specific time frame.
The amount and time frame were not disclosed, and development cannot begin until the loan is paid off.
