Heritage Bank of the Ozarks and the City of Lebanon have announced a coordinated effort to find a new manufacturer for Ice Cream Factory facility following its foreclosure last week.
The announcement came in a joint statement from the city and the bank released Friday.
The facility’s original operator, ICF (Ice Cream Factory) Holdings, LLC, defaulted earlier this year on both its bank loan and its municipal lease agreement. Because Heritage Bank’s original July 2022 deed of trust predated the city's bond agreement, the bank exercised its power of sale and successfully reclaimed the property as the highest bidder during a courthouse foreclosure auction on Monday, Oct. 26.
The Chapter 100 tax abatement agreement remains intact while Heritage Bank and city officials work together to identify a qualified buyer, the statement said. To utilize the established tax incentives, any prospective purchaser must be approved by the Lebanon City Council and enter into a similar long-term lease-back arrangement with the city, according to the statement.
According to the joint statement, “A new buyer would utilize the established tax abatement process by conveying the property to the City and entering into a long-term lease, allowing the buyer to receive tax incentives that help make its manufacturing operations economically viable.”
