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updated: 10/7/2011 12:02 AM

Clearwater Theater in foreclosure

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  • Clearwater Theater in West Dundee is up for sale. Court documents show the property had been foreclosed on in late September and has two liens against it.

       Clearwater Theater in West Dundee is up for sale. Court documents show the property had been foreclosed on in late September and has two liens against it.
    Christopher Hankins | Staff Photographer


Unpaid property taxes are only the beginning of the Clearwater Theater's financial woes that now include a foreclosure and two liens.

According to a judgment of foreclosure and sale against owner Eric Isibue and his partners dated Sept. 21, Union National Bank has a lien on the now-shuttered West Dundee theater related to the $414,627.61 Isibue and his partners owe as of June 10, 2011.

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Those charges are:

• The principal balance of a Union National Bank mortgage totaling $380,778.39;

• Interest charges totaling $21,193.94;

• Late charges totaling $7,238.04;

• Attorneys' fees in the amount of $2,606;

• Costs associated with the suit, which are $2,511.24;

• Other fees totaling $300.

Isibue is also supposed to pay $50.24 in daily interest charges starting after June 10.

In addition to that, the Small Business Association has a lien on the property in the principal amount of $234,237.21 as of July 2004, $5,326.40 in interest as of December 2010 and $28.28 in daily interest, starting Dec. 8, 2010. Attorneys fees and foreclosure costs will be added on later.

On Sept. 21, a judgment was entered against Isibue and his partners that ordered the building's sale and described how its proceeds should be divvied up. The building was put up for sale over the weekend.

In addition to all of that other money, Isibue and his partners owe a total of $13,269.34 in unpaid property taxes from 2009 and 2010, according to the Kane County Treasurer's Office.

The property taxes will increase every six months -- 12 percent on the portion owed in 2010 amount and 4 percent on the amount from 2009.

The theater did, however, made good on a 2001 economic incentive agreement from the village of West Dundee.

In exchange for $1.3 million in investments, the village gave the theater $150,000 toward bringing the building up to code and installing sprinklers, Village Manager Joe Cavallaro said.

He added that village officials were not privy to how bad it had been for the theater, which booked local and national acts, including musicians, comedians and other entertainers.

"Unfortunately in this difficult economic time, this is a very common story," Cavallaro said.

• Staff Writer Susan Sarkauskas contributed to this report.

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