The City of Marion has filed suit against First Farmers Banks & Trust in connection with money paid out for renovations that were started and then halted at the old Grant County Y-M-C-A Building.
Developer Michael An and his contractor…Chad Seybold…began making renovations at the old Y building in early 2010 using bond money financed through Tax Increment Financing money from the City of Marion. First Farmers Bank & Trust handled the bonds. The renovations at the old Y building stopped in early 2011 and have never resumed.
The city sued the estate of An and Chad Seybold using private donations to do so. Now, they have filed suit against First Farmers Bank & Trust in hopes of recovering just over 1.9-million dollars in TIF money.
The suit claims First Farmers breached the agreement with the city when it paid out the bond money to Seybold…who is the brother of former Marion Mayor Wayne Seybold.
The suit was filed in Grant County Circuit Court, but no hearing date has been scheduled.