Don Zook

Aledo, TX: (Feb-08-07) The city of Aledo a lawsuit against its developer, Don Zook, who used the former Save-A-Lot building, which burned in March 2006, as collateral for the TIF loan he took in which the city was required to co-sign the insurance checks. Judge Blackwood ruled that $472,499 left on Zook's loan be paid from the fire insurance money. The total insurance settlement was roughly $675,000, leaving Zook with about $199,501. City administrator Patrick Burelle confirmed that the money will be returned to the city's TIF account, where it will be available for other economic development efforts. [REVIEW-ATLAS: BUILDING COLLATERAL]

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