NORMAL -- Morton Community Bank is seeking to foreclose on the proposed Crowne Plaza, 8 Traders Circle.

In court documents filed in McLean County last week, the bank says it is owed $7,520,020 from Normal Hospitality LLC, Devang H. Patel and Chancal S. Sandhu. Interest accrues at a rate of $1,815 each day the money is not paid.

It is the second foreclosure Patel has faced this year. In February, Greenwich Capital Financial Products filed foreclosure on Days Inn, 202 Landmark Drive. Days Inn is owned by Agna Hospitality, of which Patel is president.

Greenwich said it was owed more than $3.2 million. With late and default charges added, the amount was more than $3.4 million.

In July, Agna Hospitality filed for bankruptcy maintaining it had up to 49 creditors, up to $50,000 in assets, and up to $50,000 in debt.

Meanwhile, work to turn the former Staywood Inn and Holiday Inn into a Crowne Plaza stopped early this year after allegations that some workers were not being paid state-defined prevailing wages as required by an agreement with the town.

Normal Hospitality LLC entered into a redevelopment agreement with Normal that would have brought the company up to $2 million in tax increment financing money. The town requires workers on projects receiving TIF money be paid prevailing wage.

The company ultimately asked to end the pact and the council agreed. Patel said he was getting private financing for the $9 million renovation but work has yet to start.