Newspaper article THE JOURNAL RECORD

Former Tower Tech Building to Hit Auction Block

Newspaper article THE JOURNAL RECORD

Former Tower Tech Building to Hit Auction Block

Article excerpt

A south Oklahoma City office building once occupied by Tower Tech Inc. will go on the auction block Jan. 28 following the earlier mortgage foreclosure on the building by a bank lender, bank officials said.

Gary Forbis, executive vice president of First United Bank and Trust based in Durant, said the tri-level, 25,635-square-foot building at 11935 S. Interstate 44 Service Road will be auctioned for cash by the Cleveland County Sheriff's Department. The auction is scheduled for 10 a.m. Jan. 28 in Room 120 of the Cleveland County Courthouse.

"We're foreclosing out our mortgage," Forbis said of the building auction.

Tower Tech, a national seller of modular cooling towers, filed for Chapter 11 bankruptcy protection in December 2000. As part of the resulting reorganization that became effective in February, the company moved its offices out of its administrative building in south Oklahoma City and into its neighboring manufacturing building.

Tower Tech continues to operate its business from the separate manufacturing building, which is unaffected by the planned asset sale Jan. 28.

At the time of the mortgage foreclosure in Cleveland County District Court, an amount of $2,000,521, plus interest, was owed to the bank on the loan, the bank said. The sheriff's department said the appraised value of the property is $1.4 million.

Forbis said the building, which was used primarily as administrative offices of Tower Tech, is an "unusual design."

The building's entry opens onto an interior space at the middle level of the tri-level building. Toward the center of the building, a flight of stairs goes upward to the top level and a second flight goes downward to the lower level.

The entry level features 10,427 square feet of office space. The lower level and upper levels have 7,375 square feet and 7,833 square feet, respectively. In addition, the building offers an 836-square- foot balcony and a covered porch of 904 square feet.

Also offered in the auction will be the 5. …

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