Cutliff Grove asks for 50% reduction to $1.5 million loan
Tue, 19 Feb 2013 21:47:37 GMT —
It's been 5 year since Cutliff Grove borrowed 1.5 million dollars from the city to take over operation of New Nativity Village housing complex in South Albany.
"When we took it over it was down, you're talking about at level zero," said Oliver Jones, the Vice CEO of Cutliff Grove Family Resource Center.
Cutliff had a 3 year loan deferment, over which time they say they sank money back into the property bringing it to where it is now. Since repayment began the property manager said they have not been able to afford necessary maintenance.
Cutliff is asking for a %50 reduction to the $1.4 million principal they owe the city, which they hope will allow them to make the necessary repairs for them to operate at full capacity.
City commissioners say they're not against helping out Cutliff grove, they just want to do so in a way that isn't detrimental to the city.
"Obviously we want that project to work and that program to work, I just don't think the recommendation that they presented was in the best interest of the city," said Albany Commissioner, Christopher Pike.
Other options like stretching out the loan repayment schedule, and even allowing Cutliff to defer payments for another year were thrown around Tuesday's meeting, but it was decided more information was needed before a decision could be reached.