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Date of Issue: March 17, 2005

Tidemark deal 'signed?' as bank seeks foreclosure

Tidemark developer Nick Easterling said a partnership with the Parliament Group of Dallas, Texas, was to be officially signed yesterday in a deal that will eventually satisfy Tidemark's creditors.

"I've signed my copy and all that remains is for Bob Crews (Parliament GroupÕs president) to sign his," Easterling said yesterday. He said Crews had indicated he would also sign off on the agreement yesterday.

At the same time Easterling and Parliament are joining forces, Regions Bank of Florida has asked for a hearing Dec. 23 on its recently filed a motion for judgment in its $1.45 million mortgage foreclosure action against Tidemark Partners LLC, developers of the planned $20 million Tidemark hotel and condominium project in Holmes Beach.

Regions Bank attorney Scott Cichon said lawyers for Parliament have been in touch with his office on a payoff, and the motion for summary judgment was "just an action we took in case the deal with Parliament doesn't go through." Regions Bank filed its initial foreclosure action in July 2003.

Easterling said in mid-October he expected the agreement with Parliament to take place "in a few days," and even Parliament's president, Robert Crews Jr., said on Oct. 15 that there were just a few details to be ironed out (The Islander, Oct. 22).

"We're wrapping it up," said Easterling on Tuesday. "There was just a lot of paperwork to go through, but everything is done."

Other Tidemark creditors that the agreement with Parliament Group would satisfy are Brasota Mortgage Corp. (also named as a defendant by Regions Bank), and R.L. Porter Constructors of Sarasota (another named defendant in the Regions Bank action).

Brasota Mortgage has filed a counter suit for $1.7 million, while D.L. Porter Constructors claim they are owed about $33,000.

The 40-unit Tidemark hotel/condominium/marina project was approved by the Holmes Beach City Commission in August 2001 and Easterling also obtained a Florida Department of Environmental Protection permit to expand a seawall on the northeast side of the property along the inlet.

The restaurant and two duplexes on the site were demolished, but construction on the project has yet to take place.