"What will the city government be willing to do to keep these buildings from going into foreclosure?" McNair asked in remarks during the council's regular February meeting.
McNair is president of the recently reorganized board of the
The outstanding debt is
Several council members and Mayor
"We are not prepared to discuss this tonight," Smith said.
A grassroots fundraising initiative kicked off at a community meeting on
At Thursday night's meeting, McNair said that he expects the bank to give the non-profit group an extension on the loan.
He also said that fundraising has gone well, with contributions coming from donors of all races, from near and far. By the weekend, he said, he expects donations to total
McNair said the groundwork is being laid to develop new contracts with two of the tenants -- the
McNair said mismanagement of business by the former ESIA board led to the default.
"Great program. Bad agreement," McNair said. "It was an inadequate business agreement. It was doomed to fail from the start."
In an interview after the presentation, McNair said the day-care center's rent has not been paid in at least two years.
The goal, McNair said, is to secure the properties and develop a plan to make them sustainable.
"You make your community stronger through education," she said.
Smith left the door open for city involvement.
"If the city were to do anything," he said, "we would expect to see a business plan, including a sustainability plan."
"We are seeking wise counsel," McNair said. "We are wanting to get this thing turned around."
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