A Mason City car dealer said Tuesday that it will take over Crossroads Motors, which was shut down last December due to financial woes.

The business property in northeastern Albert Lea, near the Interstate 35 junction, was foreclosed upon by Americana National Bank on Dec. 5. According to records, the bank facilitated $600,000 in March and $400,000 in June last year through mortgages.

The offer to take over the business was made by Lyons Toyota-Dodge in Mason City.

According to owner John Hosmer, the company has already agreed with property owner Bill Olsen Building Properties to lease the 12.2-acre site and facility, and expects to open July 1.

&uot;The purchase of the business is still subject to approval by the Chrysler Corporation,&uot; Hosmer said. &uot;We don’t know what the final word is going to be.&uot;

Chrysler does not want Lyons to add a dealership other than Chrysler, Jeep and Dodge. And Lyons is complying with the condition, Hosmer said, meaning Albert Lea would not get a Toyota dealer. Toyota was part of Crossroads Motor’s offerings.

Lyons was established by Bill Lyons in 1967 as a Toyota franchise, and added the Dodge dealership in 1980.