Future of Memory Hall unsure

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Fans from Lebanon and Rossville pack the Memory Hall gymnasium on Feb. 3, in what could have been the last high school basketball game ever played in the historic structure. The future of the building is uncertain after Fannie Mae foreclosed on the building last month. Reporter photo by Rod Rose

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February 11, 2012

By Sarah Lang Staff writer The Lebanon Reporter Sat Feb 11, 2012, 09:41 AM EST

Lebanon — Historic Memory Hall could go up for Sheriff’s Sale as early as April 1, but Indianapolis developers Flaherty and Collins are working on plans to purchase the property before then.

Memory Hall, home of Memory Hall Apartments and the famous gymnasium, was owned by limited partnership Lebanon Housing Partnership until it was recently foreclosed upon by Fannie Mae. The decree of foreclosure, dated Jan. 4, specifies Lebanon Housing has defaulted on its mortgage payments, not paying a monthly installment since February of 2011.

Fannie Mae, then, has ordered the partnership to pay in full the $1.41 million owed as of Oct. 31, plus $436 per day of accruing interest.

Duane Miller, Flaherty and Collins vice president of community development, said the company has a proposal in to the Indiana Housing Finance Authority to preserve the tax credits. If that is approved, which they should know by the end of the month, he said they will then work with Fannie Mae to find an appropriate price for purchase before the building goes up for Sheriff’s Sale, which court documents state could be as early as April 1.

For the rest of this story, see the Feb. 11 issue of The Lebanon Reporter.

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