News Column

BRIEF: East Grand Forks official who signed unpaid loans on administrative leave

May 7, 2014

Grand Forks Herald

May 07--Jim Richter, East Grand Forks' director of its Economic Development and Housing Authority, has been placed on paid administrative leave, said City Administrator David Murphy during a City Council meeting Tuesday.

Murphy revealed last week that a $510,000 loan from the EDHA made to owners of a downtown building in 1999 had never been paid, even though the recipients were required to start $30,000 annual payments in 2003.

Richter signed the original loan agreement with Boardwalk Enterprises for the Boardwalk building, which houses restaurants on the city's riverfront.

This is a developing story. Updated information will be posted later today.


(c)2014 the Grand Forks Herald (Grand Forks, N.D.)

Visit the Grand Forks Herald (Grand Forks, N.D.) at

Distributed by MCT Information Services

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: Grand Forks Herald (ND)