Developers will continue construction on the Powell Butte resort after reorganization.
Remington Ranch has filed for Chapter 11 bankruptcy, but developers say they will continue building once they have reorganized.
The Powell Butte project stopped construction when the recession hit. Developers hope to come up with a financing plan that will enable them to finish the 2,000-acre resort.
In late 2006, developers believed they had cleared the most difficult land use hurdles. Remington Ranch had received initial approval from the Crook County Planning Commission. It had water rights, and financing was in place for construction.
In early 2007, however, the bank withdrew its commitment, and Pippin said they have not been able to find financing since. Credit and capital markets have dried up.
Read the full story at The Bulletin.
{biztweet}Remington Ranch bankruptcy{/biztweet}
