News Column

BRIEF: East Grand Forks authorizes attorney to seek loan

June 26, 2014

By John Hageman, Grand Forks Herald



June 26--The city of East Grand Forks has authorized a Fargo-based attorney to seek loan repayments from Boardwalk Enterprises LLP.

The City Council and Economic Development and Housing Authority board met behind closed doors for almost two hours Tuesday night with Brad Sinclair, the attorney the city hired to help recover the $510,000 loan.

A press release issued by City Administrator David Murphy Wednesday afternoon stated that the council and EDHA board "conferred and authorized (Sinclair) to seek payment of Boardwalk Enterprises LLP indebtedness outstanding to the city of East Grand Forks/Economic Development Authority."

"Due to the process, it is anticipated the next press release will not be issued for approximately two months," the release added.

Murphy said Wednesday afternoon he was "not at liberty" to elaborate on how Sinclair may seek repayment.

The EDHA loaned Boardwalk the $510,000 in 1999 in order to help construct the Boardwalk building, which now houses the Boardwalk Bar and Grill and Drunken Noodle/Little Bangkok restaurants. Annual $30,000 payments, scheduled to start in 2003, haven't come, city staff members revealed in late April.

___

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

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

Distributed by MCT Information Services


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



Source: Grand Forks Herald (ND)


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters