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Tehaleh, Washington
Tehaleh, formerly known as Cascadia, is a master-planned unincorporated community to the south of Bonney Lake in Pierce County, Washington, United States. Construction began in 2005 with an estimated timeline for completion of 20 years.〔("Big housing-retail project planned in Pierce County" ). Seattle Post-Intelligencer. Retrieved 30 December 2009.〕 The town was designed by Patrick Kuo, who had purchased the land in 1991. Included in the original plan for Cascadia were 6,500 homes, a commercial district, an industrial park, schools, and recreational parkland for residents to enjoy.〔("Cascadia dream finally nears reality" ). Puget Sound Business Journal. Retrieved 30 December 2009.〕 Construction halted in 2008, prior to the construction of any homes or commercial properties. After foreclosure proceedings in 2010, Homestreet Bank repossessed much of Kuo's land, intending to find another developer.〔〔("Cascadia property reverts to bank" ). Tacoma News Tribune, September 25, 2010. Retrieved 18 January 2011〕
==Financial crisis==
In October 2009, Cascadia Project LLC, the company behind the planning of Cascadia, filed for Chapter 11 bankruptcy protection. According to HomeStreet Bank, which financed the project, over 72 million dollars of loans were non-performing. HomeStreet Bank had planned to foreclose and auction off the land of the community, which had been running behind schedule with only a school and some road-related infrastructure completed.〔("Money troubles cloud prospects for largest planned community in Washington state" ). Oregon Business News. Retrieved 30 December 2009.〕 The bankruptcy restructuring plan proposed by Cascadia Project LLC was rejected by the U.S. Bankruptcy Court, and HomeStreet Bank completed foreclosure of the land and held an auction September 24, 2010.〔("Cascadia developers out of time to pay off debt, property goes to auction" ). Bonney Lake & Sumner Courier-Herald, September 23, 2010. Retrieved 18 January 2011〕 As there were no qualified bidders, the property reverted to HomeStreet Bank ownership.〔 Following the auction HomeStreet Bank intended to find another developer for the community.
抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』
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