Bankruptcy, foreclosure filings on Oro Valley restaurant property - Tucson Local Media: Pima Pinal

Bankruptcy, foreclosure filings on Oro Valley restaurant property

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Posted: Wednesday, December 8, 2010 12:00 am

The owners of an Oro Valley eatery have filed for Chapter 11 bankruptcy protection in U.S. Bankruptcy Court.

The Loop Taste of Chicago, 10180 N. Oracle Road, filed the notice Dec. 2.

Arizona Corporation Commission documents show MMP 10180, LLC as the restaurant owner. Corporate members are Oro Valley residents Mark and Marchuline Rusin.

The corporation has between $1 million and $10 million in liabilities, according to court filings. The documents also show the estimated corporate assets as up to $50,000.

The corporation also has defaulted on a $1.6 million loan for the property, which is in the San Jose Plaza, according to published reports. The property has been scheduled for sale at public auction in February.

The Rusins and other business owners in San Jose Plaza have lobbied Town of Oro Valley officials to build a left-hand turn lane into the shopping center. They have sought easier access to the retail center for southbound traffic on Oracle. Currently, southbound motorists have to travel beyond the shopping center and make a U-turn at El Conquistador Way to get to the center.

No decisions on the turn lane have been made.

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