URA Board Delays Default On Sunshine Mill Loan For Discussions

The Columbia Gateway Urban Renewal Agency board voted to delay default on a loan taken out by Sunshine Mill owner James Martin for building improvements and repairs on the property for 90 days to allow discussions to restructure the loan with a goal of the agency being repaid in full.  Martin had requested the agency forgive the $350,000 loan payment due May 15, but most of the board indicated they wanted the money repaid in full.  The vote for the 90 day delay was five to three, with John Fredrick, Linda Miller, and Steve Kramer opposed, and came after the board rejected two options Martin had submitted that called for forgiveness of that loan and a restructuring of a payment schedule for a $309,000 land sale agreement that comes due in May of next year.  Martin gave a lengthy presentation before the board deliberations, citing the jobs and other benefits that have come from redevelopment of Sunshine Mill, noting that a three-month issue with a supplier for the Copa di Vino single serving wine product produced there had led to a cash flow issue, adding his development had been unable to take advantage of urban renewal programs now available to other businesses.  Sunshine Mill and Copa di Vino are separate business entities.  The decision requires Sunshine Mill to pay three $10,000 interest only payments over the next three months.

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