MUSKEGON, MI — Independent Bank has sought a court-appointed receiver over parts of the $85 million Adelaide Pointe development, claiming developer Ryan Leestma lacks the “financial wherewithal” to deal with the project’s numerous issues.

In a formal complaint filed with the Kent County Circuit Court on Sept. 23, Independent Bank of Grand Rapids requested the appointment of a receiver over certain parts of Adelaide Point alleging Leestma violated his loan agreements with the bank.

Leestma and his companies obtained nearly $30 million in loans from Independent Bank to finance the construction of portions of 30-acre Adelaide Pointe development, according to the complaint.

The ambitious project sought to transform a contaminated former industrial site on Muskegon Lake into a premier boatin

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