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Bloomington Property To Be Sold To Settle Debt
Updated May 5, 2013 1:08 AM | Filed under: WBIW News
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(BLOOMINGTON) - Property along Tapp Road and Ind. 37 that once was envisioned as part of an expansive health sciences park is due to be sold at a sheriff's sale to settle a bank debt.

Rod Spaw of the Herald-Times reports that Monroe Circuit Court documents show that six parcels of largely vacant property owned by Southern Indiana Medical Park II LLC and Tapp Road Development LLC are scheduled to be sold at auction Sept. 21, the proceeds of which will apply toward a $10.3 million judgment awarded to United Central Bank in a mortgage foreclosure lawsuit.

A principal in both development companies is Kamal Tiwari, the former Bloomington pain doctor who is scheduled to be sentenced in September on federal charges of defrauding insurance companies, including Medicaid and Medicare, and overprescribing narcotic drugs to patients.

Corporation records at the Indiana Secretary of State's Office list Tiwari as president of Southern Indiana Medical Park II LLC, and the signature "K. Tiwari" appears for both corporations on the final court decree in the foreclosure suit.

Tiwari pleaded guilty in March to two of 13 federal charges filed against him, and he agreed to forfeit ownership of homes and savings in order to repay $1.3 million that the government said was gained from fraudulent practices.

However, sale of the Tapp Road and other development property does not appear to be related to Tiwari's criminal case.

Rather, court documents indicate the two development companies defaulted on a debt of nearly $7 million with United Central Bank. With interest, penalties and fees, the total judgment was about $10.3 million.

The largest parcels set for the sheriff's sale - owned by Tapp Road Development LLC - total a little more than 100 acres. Those are located south of Tapp Road and envelop the current Southern Indiana Medical Park, which Tiwari helped develop.

The land was proposed in 2006 to be part of a 190-acre project that would include a hotel, restaurant and office uses. Although ultimately approved by local planning officials, the development never materialized.

Four other parcels of land owned by Southern Indiana Medical Park II, also mostly vacant, also are scheduled to be sold. Those are located west of Ind. 37 and south of Fullerton Pike and Monroe Hospital.

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