"A Lindon investment holding company that owns about 50 acres on the southwestern boundary of The Ranches residential development in Eagle Mountain is facing foreclosure after defaulting on its special improvement district assessment.
An attorney for Eagle Mountain filed a notice of default against KEB Enterprises late last week after the company failed to make its annual payment of about $70,000, which came due in September 2008. City officials said the company has about $550,000 in outstanding special improvement district assessments to be paid over the next few years.
Eagle Mountain set up special improvement districts in 1998 and 2000 to fund the construction of roads and installation of electrical lines, water and sewer pipes, parkways and other infrastructure. The city uses funds from the assessments to make payment on bonds issued to finance the infrastructure build-out."-Daily Herald
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