GENEVA – A dispute between a bank and homeowners in a Geneva subdivision over who should control a town home association concluded in court last week when a judge dismissed the case with prejudice.
The case was brought by Old Second National Bank against the several homeowners who last year formed a new Prairie Ridge Townhome Owners Association, which, according to the complaint, was a “rogue board” that was created without authority.
The dispute centered on which party – the bank’s third-party manager or an elected homeowners association that formed last year – was in control of managing fees from the subdivision’s homeowners association.
The complaint of the plaintiff – the bank-run Prairie Ridge Townhome Owners Association – against the defendants – several homeowners who formed a new town home association – was dismissed with prejudice by Judge David Akemann on June 25. Dismissing the case with prejudice bars a party from refiling the case.
The dispute surfaced after homeowners in the subdivision, at the corner of Bricher and Peck roads, were unhappy about the way their subdivision’s association had been managed since Old Second National Bank had assigned a third-party affiliate, Arris Management, to run the association.
Homeowners in the subdivision decided to create their own board to handle the association fees and a bank account, and that board has handled the account for the past year.
The bank became involved in the town home association when it took control of property in the subdivision after developer John Henry Homes Inc. had been foreclosed on before the subdivision was completed.
Old Second National Bank owns three partially completed homes and 52 vacant lots in the Prairie Ridge Townhomes Development as a result of the foreclosure.