CALEXICO — Two owners of land in the Gateway of the Americas project area are in default on loans and notices that the affected parcels will be sold at public auction in two weeks were posted Friday morning.
Notices also were sent erroneously to property and businesses in the Mexport Business Center.
The land affected is owned by Los Alamos Land Co. and Pan American Development Co. LLC.
The notices, by La Jolla-based Action Foreclosure Services Inc., on behalf of La Jolla-based La Jolla Loans Inc., state the landowners are in default on more than $11.37 million, plus interest.
Los Alamos principal Thomas Nassif could not be reached for comment. In recent interviews and a court appearance, however, Nassif has said Los Alamos has zero revenues and $22 million in debts.
Part of Los Alamos' debt includes $8.36 million in so-called Mello-Roos bonds used for the financing of infrastructure work at the site. The proceeds of the 1999 bonds are to be used to finance the acquisition and construction of certain water, sewer, drainage and road-related facilities necessary to meet increased demands placed on the county as a result of the development of the Gateway project and the pipelining and relocation of a portion of the South Alamo Canal.