PERRYSBURG – Fifth Third Bank is seeking more than $4.1 million it says is owed to the bank by a company
owned by Levis Commons developer Larry Dillin.
The bank filed a complaint for cognovit judgment against Levis Town Square Land LLC last week in the Wood
County Court of Common Pleas.
According to the complaint, Fifth Third issued a letter of credit not to exceed approximately $12.8
million to the company in 2007. The letter of credit was drawn down to $3.99 million in May of 2010, and
the company was noted as in default on that remainder. Under a forbearance agreement with the bank,
payment was to be made by July 15 of this year. However, that payment was not made.
The $4.1 million sought includes the more than $3.99 million in outstanding principal, as well as
approximately $148,000 in interest, over $7,500 in additional interest, plus attorney’s fees and other
costs.
Jerome Parker, of Gressley, Kaplin and Parker LLP, Toledo, is counsel for Fifth Third.
Cheryl Hardy, media representative for Dillin, said Friday that "we’re obviously aware of the claim,
(we) don’t dispute the claim," and emphasized that the issue concerns only the Annex Building
located in the Town Square portion of the Levis Commons development.
Also known as the Orleans Building, the structure is situated south of the clock tower and across from
the Hilton Garden Inn, and contains business including the Nagoya restaurant, St. Julian’s Fitness, Fat
Fish Blue, and the Dillin offices.
The Town Square area is distinct from the separate Town Center at Levis Commons, which is largely located
nearer to State Route 25.
"We feel as though we have a good relationship with Fifth Third," Hardy said, and indicated
that she could not comment further, as the company is working through a reorganization regarding the
matter.
This is the second time this particular building has come under financial scrutiny in the past year.
A lien of $12.4 million was placed on the Orleans Building last fall by Huntington Bank.
The matter related to a construction loan made for the building in 2007.