WICHITA — The $5.6 million mortgage that “Minnesota Guys” Dave Lundberg and Michael Elzufon recently received helped with one headache, but hardly all of them.
It’s not fast enough for Wichita’s Tax Adjustment Specialists, though.
Real Development, Lundberg and Elzufon’s company, owes the group about $18,000 for help with tax appeals a couple of years ago.
Tax Adjustment Specialists helped Real Development save about $61,000 by appealing to the county to lower appraisals on a few of its buildings.
That’s not in dispute.
There’s a court date Friday, though, over a civil suit Tax Adjustment Specialists filed in Sedgwick County District Court over lack of payment.
“We were supposed to be paid at that (loan) closing, and we weren’t,” says attorney Jim McIntyre, who is representing the tax group.
“They made a promise to us that if we sort of put things in limbo (while waiting for the loan) then we would be paid in full,” McIntyre says. “That hasn’t transpired.”
Lundberg said they “always had a fairly friendly . . . agreement that we would get to it eventually.”
He says his company referred about 25 more clients — people who had purchased floors in Real Development buildings — to Tax Adjustment Specialists as well.
Lundberg thought that gesture would buy Real Development more time, but Lundberg says he guesses the tax group simply got tired of waiting.
“Everybody in the world thought we had a lot of money again,” Lundberg says of receiving the loan.
He says that’s not the case. Lundberg says the loan could be used only on the Wichita Executive Centre.
He says that will free money for other projects and bills, though, including the money Real Development owes the tax group.
“We’re sort of working on the next round,” Lundberg says. “They’re in the next round.”