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Elk Grove To Sue Defunct Developer Reynen & Bardis For

The Elk Grove City Council announced last night that they will file a lawsuit against real estate developer Reynen & Bardis for $1.4 million in unpaid taxes.

The announcement came following the council's closed session. The litigation will seek payment of overdue taxes on Reynen & Bardis's Laguna Ridge project.

The Laguna Ridge project is a 1,900 acre specific planning area community that Reynen & Bardis was slated to build up to 3,000 dwellings. The development is also the planned site of Elk Grove's much vaunted new city hall.

Chapter 11 filing

Subsequent to the approval of the Laguna Ridge plan, owners Christo Bardis and John Reynen were forced into personal Chapter 11 bankruptcies as a direct result of the real estate collapse and worldwide credit crisis.

Generally speaking, when an Chapter 11 is filed a court ordered automatic stay is imposed and all collection activities are suspended.

Reynen & Bardis as such has ceased to exist and now operates as Buildco Inc., and is tasked with finishing projects with the intent of maximizing value for creditors.

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