Roseville Restaurant Owner Still Missing; Loan In Default
ROSEVILLE (CBS13) – As the search continues for prominent Roseville developer Stephen Pease, payments have stopped on his restaurant’s loan and now the Roseville Community Development Corporation, along with the city, must consider its next step.
Howard Rudd, the chair of the public-private RCDC, the non-profit that lent Pease $1.5 million in funds to open Sammy’s Rockin’ Island Bar & Grill, admits he too is concerned about the missing developer.
“The number one priority for most of the business community is, ‘where is Steve, and is he okay?’ And, the second, of course, is making sure the funds are secure,” said Rudd.
With Pease missing, Rudd says the money the restaurant owes on its loan is missing too, with more than $9,000 past due.
“It’s a one month payment that’s behind. Right now is the October payment, it was due Oct. 22,” said Rudd.
He says they have sent Pease’s company notice it will default on the loan if the money isn’t repaid soon.
Rudd went on to debunk rumors Pease may have run off with the money.
“We didn’t just give him a check for $1.5 million. We made that 19 progressive payments as the tenant improvements were made and contractors were verified that they were installed,” said Rudd.
All the money, he assures, is accounted for and was put into the restaurant. If Pease doesn’t return, Rudd said the Roseville Community Development Corporation will get with lawyers to take over the establishment, which he says it can legally do.
“It’s still a valuable asset for our revitalization downtown,” said Rudd.
It’s been nearly four weeks since anyone has seen Pease, who was last spotted in the Fort Bragg area. While the search continues, police say they still have not located Pease’s rental car, which was due back weeks ago.