GREENWOOD — Harris Bank has filed a mortgage foreclosure on Galt Airport in McHenry County Circuit Court.
The regional airport opened in 1950 in Greenwood, and added a 3,000-foot asphalt runway in the mid-1960s. In recent years, the airport also has served as a host for summer concert events.
The filing listed three defendants – Ivan Djurin, a partner with Lake Forest real-estate investment company North Street Partners and president of Djurin Aviation Inc.; 5112 Greenwood LLC; and Galt Airport LLC. A conference scheduling hearing has been scheduled for 10 a.m. June 1.
Djurin and Michael Stanard bought the airport in 1998 from original owner Arthur Galt Jr. Stanard, who owns the marketing firm Studio@OneZeroCharlie, said he sold his interest in the airport to Djurin more than a year ago.
“We had a plan when we bought the airport 11 years ago that when I would retire, I would pass the torch to Ivan and sell my interest to him,” said Stanard, 64. “This thing with Ivan is unrelated to me.”
Taxes for the five parcels connected with Galt Airport were sold at a tax sale Dec. 2. Four of the five parcels were bought by Vista Securities of Decatur, while the other was sold to Interstate Funding of Evanston. In all, the taxes totaled $22,796.
Although Stanard has not owned the airport since selling his stake, he has produced the summer concerts conducted at Galt, including the Woodstock tribute event last year. He said that despite the success of the Woodstock event – it was the first of the concerts to make money, he said – the decision already had been made not to put together any more.
“We decided we would stop after that,” he said. “The stars came together for it. But it’s extremely difficult to put together. It took eight months of my life just for that [Woodstock tribute] show.”
By CHRIS FREEMAN, [email protected]
Read the original article from the Northwest Herald.
Distributed via Chicago Press Release Services