PETOSKEY -- An auction for a dormant development in Emmet County is rescheduled for the third time.

PNC Bank, the company that holds the mortgage on the Petoskey Pointe site recently posted a foreclosure notice on the property.

According to the notice, the developer, Lake Street Petoskey Associates, owes roughly 5.7 million dollars.  Developers do have the option to try and block the sale. 

The property is set to be auctioned off  April 8 at 11:00 a.m. 7 & 4 news is told the date could continue to be pushed back each week.