The Calexico MegaPark LLC Owes $10 Million Dollars to Desert Commercial Bank

By Mario Conde

The Calexico MegaPark LLC owes $10 Million Dollars to Desert Commercial Bank according to public records from the Imperial County Superior Court.

The Calexico Planning Commission approved the Mega Park project back in last summer the project site the consists of 150 acres of land located on the southeast quadrant of Hwy 111 and Japer Rd across the highway of the Casino project. The project was rescinded in January by request of the applicant Phil Heald due to the weak state of the real estate economy and to settle a lawsuit made against the City of Calexico and the Heffernan District.

In public records obtained by the Calexico Chronicle from the Superior Court of Imperial County, On January 6, 2010 Desert Community Bank filed its contingent claim in this proceedings alleging that with the current outstanding balance on the loans and adding penalties, interest, arbitration cost, attorneys’ fee and other charges the estimated amount that will be due the bank is not less than $10,110, 470.9.

The Heffernan Memorial Health Care District, with records obtained, recorded a secured of deed of trust with Calexico MegaPark LLC for a $450,000 loan for 15 acres of land. Prior to Calexico MegaPark LLC receiving the public funds of $450,000, Imperial County Public records show that on March 31, 2009 Calexico Mega Park received a loan of $1,372 from Samuel and Elva Weakley who are listed as members of the Calexico Megapark LLC including Phil Heald as General Manager, Linda Barrientos, James Duggins, Daniel Robinson, Larry Bratton, Clifford Caldwell, and Triad Corporation, a Nevada Corporation.

County recorded documents show that the Calexico MegaPark LLC and Desert Commercial Bank have been modified three different times. On August 17, 2008, September 26, 2008, and March 24, 2009.

Desert Commercial Bank of Palm Desert, California is under order to cease and desist under the Federal Deposit Insurance Corporation Docket FDIC-08-397b which was issued on February 12, 2009. This was based on alleged charges of unsafe or unsound banking practices and violations of law and/or regulations and the bank consented to the issuance of an order to cease and desist.

Desert Commerical Bank announced the 2010 advisory board which includes Linda Barrientos, Mintu Bhatt, Larry Bratton, Jim Duggins, Phil Heald, and Mercedes Wheeler. Wheeler is Heffernan’s Attorney law partner.

Heffernan Attorney Orlando Foote said that he is aware the MegaPark LLC owes $10 Million but said that the property originally subject to Heffernan purchase is not subject to that encumbrance and said whatever lien subject in favor of Desert Commercial Bank had nothing to do with the property Heffernan is looking in right now. When asked what would happened to the district money if MegaPark files for bankruptcy or the bank takes away the land, Foote said the money is secured because they have a deed of trust that would not be affected by bankruptcy.  Foote said that in regard of the Sam Weakley loan he commented that he has a Deed of trust outstanding against the property Heffernan is looking at but the bank has not, according to him. That deed of trust in favor of Weakly, according to Foote, is about $1.5 Million even if the property was sold raw the amount that would be owed if the actual  sale to the Heffernan District didn’t take place the land is worth is worth three times as much as the Weakley’s deed of trust.

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