The buildout of Lakeland’s $450 million The Lake District mixed-use project could be in the hands of new developers by the end of this month.

Developer Yehuda Netanel did not appeal Judge Jennie D. Latta’s decision in The Lake District’s Chapter 11 bankruptcy case, meaning lender TIG Rompsen can proceed with a foreclosure sale.

Rompsen, who says Netanel’s deadline to appeal has passed, will post the property for foreclosure this week, according to Kyle Hirsch, attorney for the lender. Exact details of what will be a live, open auction will be available at the Shelby County Courthouse on April 5.

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“I think the foreclosure sale will be set forth in that publication notice to be April 30,” Hirsch said. “Otherwise, we’re just trying to be responsible in authorizing the payment of certain expenses so that the property stays maintained before the sale happens.”

Rompsen has the right to bid up to the amount of its debt, which consists of almost $51 million in liens on Netanel’s property, from what was originally a $60 million loan.

During testimony in the bankruptcy hearing in February, Romspen’a attorneys, including Hirsch, expressed doubt that Netanel could execute his reorganization plan, arguing the developer’s one-year effort to liquidate assets was not realistic. Latta ultimately agreed.

“The city did communicate to The Lake District LLC the expiration of the development contract, and the IDB (Industrial Development Board) communicated ... a major violation of the development contract,” Lakeland City Manager and IDB President Michael Walker said.

Late last week, the Lakeland’s IDB deferred discussion and possible action on amending The Lake District TIF agreement with a new economic impact plan. That change made the city the party to the agreement instead of Netanel, and an extension of the TIF’s terms from 20 to 30 years.

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Mayor Josh Roman, who also sits on the IDB, said in that meeting that economic development specialist Dexter Muller had contacted him with information showing Natanel “may have financing ... to take The Lake District back and is in the process of working through that. Actually, the document I saw had a closing date of April 17.”

A foreclosure sale would mean the subcontractors still owed in the bankruptcy would not get paid, while a refinancing effort might ensure that they and some of the tenants still owed improvements would get what they are owed.

IDB attorney Al Bright confirmed that the city formally terminated the development agreement with The Lake District LLC in mid-March.

“Right now there is no agreement between The Lake District LLC and the Lakeland IDB itself. Mr. Netanel knows it’s been terminated,” Bright said.

So even if Netanel does get the financing and works things out with Rompson, to proceed he still would have to get approvals from the city for a new development contract, another large mountain to climb.

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“The last thing we need is him to get involved again in any shape, form or fashion,” IDB member Richard Gonzaless said.

Netanel declined to comment on Monday.

The foreclosure would be the second for the project this year.

In January, Walker announced the townhomes in The Lake District were being sold to new ownership. Builders Capital, the lender for the 109-townhome section dubbed The Willows at the Lake, took back the property foreclosing on Jan. 3. Machine Investment Group of New York is expected to buy the section and finish the project.