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Wow!!! Who would have thought?
Community Maritime Park Associates board to ask forgiveness of $500,000 loan
When the loan was approved, there was extensive discussion by the CRA regarding the CMPA’s revenue and ability to repay this loan in a lump sum within one year,” said the park board’s letter to the city. “It was clearly stated at that time that if the revenue was not available, then other arrangements would have to be made as the due date approached.”
Cosson said the city has been operating under the assumption that the CMPA’s forgiveness request was likely.(LOL They knew the CMPA could not repay it when they made the loan. Remember all the discussions we had on the subject?))
More money
Merrill said the CMPA is in the process of searching for the money to make up for its $500,000 shortfall this year, including additional money from agreements not yet finalized and personnel cuts.
Community Maritime Park Associates board to ask forgiveness of $500,000 loan
When the loan was approved, there was extensive discussion by the CRA regarding the CMPA’s revenue and ability to repay this loan in a lump sum within one year,” said the park board’s letter to the city. “It was clearly stated at that time that if the revenue was not available, then other arrangements would have to be made as the due date approached.”
Cosson said the city has been operating under the assumption that the CMPA’s forgiveness request was likely.(LOL They knew the CMPA could not repay it when they made the loan. Remember all the discussions we had on the subject?))
More money
Merrill said the CMPA is in the process of searching for the money to make up for its $500,000 shortfall this year, including additional money from agreements not yet finalized and personnel cuts.
Last edited by hallmarkgrad on 12/4/2012, 10:29 am; edited 2 times in total
