The North Aurora village council has announced plans to complete work left by now-defunct Neumann Homes.
Neumann Homes recently filed for bankruptcy and has stopped work on several developments around the city, including the Tanner Trails subdivision in North Aurora.
The Tanner Trails subdivision is located near Nelson Lake, and offers homes ranging from 2,248 square feet to 2,652 square feet. Construction was almost completed when Neumann Homes filed for bankruptcy.
The city will complete the public improvements in the subdivision, including sidewalks, curbs, a bicycle path, and sewage systems that were being built by the company.
The city will draw on several letters of credit from Neumann Homes that were established prior to construction of Tanner Trails. The city will collect more than $2 million from the letters of credit in several banks.
Homeowners in Tanner Trails won’t face as many problems as other Neumann Home developments around the area. Only two of the 490 homes are not yet completed.
Tanner Trails was once one of the largest builders of new Chicago Homes in the area. However, the company was unable to weather the current storm in the local real estate market.
Demand for new homes across Chicago continues to hit new lows, down by almost 25 percent during the third quarter.
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