The company that owns the building for the National Italian American Sports Hall of Fame and managed by long-time sports executive Jerry Colangelo has been told by a bank that it plans to foreclose on an $8.5 million loan and sell the hall's memorabilia.
In a letter obtained by Crain's Chicago Business, Bridgeview Bank informed Taylor & Bishop LLC on July 9 that the loan matured on July 5 and that if full payment wasn't made by Friday, it would foreclose on the mortgage and sell off the hall's memorabilia. Taylor & Bishop owns the building at 1431 W. Taylor St. in Chicago.
The letter also was sent to Mr. Colangelo, a Chicago Heights native and the former owner of the Phoenix Suns and Arizona Diamondbacks. He is listed as the manager of the LLC.
Efforts to reach Mr. Colangelo and George Randazzo, the hall's founder and chairman, were unsuccessful.
The hall was founded by Mr. Randazzo in 1977. In 1998, Mr. Randazzo asked Mr. Colangelo to serve as the chairman to build a new building for the hall. In 2000, the new facility was dedicated "the Jerry Colangelo Center."
According to a person close to the situation, a limited liability company eventually was formed to assume ownership of the building. The hall was to pay rent to the LLC.
The building features the Tommy and Jo Lasorda Gallery, the Grand Piazza Ballroom, which can accommodate up to 450 people, and a museum store.
Exhibits include Rocky Marciano's World Heavyweight belt, a glove used by Joe DiMaggio in 1946, the coat worn by Vince Lombardi in his last game as coach of the Green Bay Packers, the 2001 Arizona Diamondbacks World Series trophy, and Olympics memorabilia, including swimmer Matt Biondi's 11 gold medals.
There are more than 200 athletes enshrined in the hall, several of whom donated items for display. The hall's Web site says it has raised $6 million for scholarships and charitable causes.
In a letter obtained by Crain's Chicago Business, Bridgeview Bank informed Taylor & Bishop LLC on July 9 that the loan matured on July 5 and that if full payment wasn't made by Friday, it would foreclose on the mortgage and sell off the hall's memorabilia. Taylor & Bishop owns the building at 1431 W. Taylor St. in Chicago.
The letter also was sent to Mr. Colangelo, a Chicago Heights native and the former owner of the Phoenix Suns and Arizona Diamondbacks. He is listed as the manager of the LLC.
Efforts to reach Mr. Colangelo and George Randazzo, the hall's founder and chairman, were unsuccessful.
The hall was founded by Mr. Randazzo in 1977. In 1998, Mr. Randazzo asked Mr. Colangelo to serve as the chairman to build a new building for the hall. In 2000, the new facility was dedicated "the Jerry Colangelo Center."
According to a person close to the situation, a limited liability company eventually was formed to assume ownership of the building. The hall was to pay rent to the LLC.
The building features the Tommy and Jo Lasorda Gallery, the Grand Piazza Ballroom, which can accommodate up to 450 people, and a museum store.
Exhibits include Rocky Marciano's World Heavyweight belt, a glove used by Joe DiMaggio in 1946, the coat worn by Vince Lombardi in his last game as coach of the Green Bay Packers, the 2001 Arizona Diamondbacks World Series trophy, and Olympics memorabilia, including swimmer Matt Biondi's 11 gold medals.
There are more than 200 athletes enshrined in the hall, several of whom donated items for display. The hall's Web site says it has raised $6 million for scholarships and charitable causes.
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