THE VIRGINIAN-PILOT
Copyright (c) 1994, Landmark Communications, Inc.
DATE: Friday, September 30, 1994 TAG: 9409300529
SECTION: LOCAL PAGE: B3 EDITION: FINAL
SOURCE: BY TOM HOLDEN, STAFF WRITER
DATELINE: VIRGINIA BEACH LENGTH: Short : 49 lines
Former City Councilwoman Nancy A. Creech, an important player in the city's explosive residential building boom of the 1980s, has filed for protection against her creditors in bankruptcy court.
Creech's petition before the U.S. District Court in Norfolk lists assets of $159,708 and liabilities of $2,820,705 with much of the debt stemming from the failed Lake Ridge development project.
Envisioned as a city within the city, Lake Ridge was to rise on nearly 1,200 acres near the Virginia Beach Municipal Center. It would have had 4,000 houses, a mall similar in scope to Lynnhaven Mall and an office complex like the sprawling Oceana West. Proposals included a hospital and a college campus. It would have taken 10 years to build.But the deal, which involved a 13-member partnership of some of the region's most prominent real estate developers and private businessmen, soured when the economic climate changed and the bank called for repayment of its loan.
NationsBank finally took the land back in a foreclosure action. All but one of the individual Lake Ridge partners has since settled their debts with the bank.
Creech had a 5 percent interest in the project.
Creech's firm, Ayers Insulating & Supply Co., was a frequent subcontractor to key Lake Ridge developer R.G. Moore. In her court filing, Creech claimed 1 percent interest in Ayers and 37.5 percent interest in the company's general partnership.
Creech listed gross income of $72,071 this year, $42,662 from Virginia Beach Events Unlimited, a company that organizes Oceanfront activities, and $29,409 from Ayers Insulating. The sum is slightly lower than the amount she reported the year before when she took in $30,450 from Events Unlimited and $56,574 from Ayers.
A prominent community leader, Creech has held nine elected or appointed public offices, including an eight-year stint on the city's planning commission and a four-year term on the City Council, from 1982 to 1986.
Creech was not available for comment. ILLUSTRATION: Photo
Nancy A Creech, a former Virginia Beach City Council member, listed
much of her $2,820,705 in debt as stemming from the failed Lake
Ridge project.
by CNB