The owners of a Richmond recreation facility are being sued by Community Trust Bank, which claims they have defaulted on a $1.6 million loan.
Community Indoor Soccer & Recreation Inc. owes the bank $938,000 on the loan’s principal sum, and unpaid interest and fees, according to the lawsuit filed Oct. 3 in Madison Circuit Court.
The facility at 1136 Richmond Green Court is owned by Stephanie Hensley, Jerry W. Gilbert and Tammye R. Gilbert, according to the court documents. Jerry Gilbert is listed as the business’ registered agent in its 2013 annual report filed with the Kentucky secretary of state.
Built in 2004, the business has two indoor fields – one for soccer and another for softball and baseball activities – according to the Madison Indoor Recreation website.
The three owners took out a promissory note from Community Trust Bank in October 2005 for $1.6 million, the lawsuit states. The loan was secured with the business fixtures, equipment and other assets of the facility along with its 5-acre lot.
The bank is asking the court to order the owners to pay the money owed and also have the master commissioner conduct a sale of the business, according to court documents.
None of the owners have yet responded to the bank’s complaint. Defendants in civil cases typically have 30 days to file a response.
Jerry Gilbert declined to comment on the lawsuit’s allegations.
The case has been assigned to Madison Circuit Court Judge Jean C. Logue. No court dates have been scheduled yet in the suit.
Sarah Hogsed can be reached at firstname.lastname@example.org or 624-6694.