Interesting agenda item for Tuesday’s Greensboro City Council meeting:
Resolution authorizing extending the repayment start date an additional twelve months on a $1,275,000 loan to the Nussbaum Center for Entrepreneurship Inc.
The City Council approved the loan in May 2011 after the Nussbaum Center moved to South Elm-Eugene Street. The attachment adds Nussbaum’s scheduled monthly payments “are significant and with expected lease levels yet to be attained beginning full repayment of the loan may lead to staffing and program in the short-term and would dramatically affect cash flow.”
It will be interesting to see if the council has a few choice words for the Nussbaum Center or if they simply rubber stamp it. Regarding the last post, note that Deep Roots –which opens its downtown location on Wednesday and to which DGI points as evidence that it’s doing something—- remember the City Council approved a $100,000 loan toward that project.
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18
2013 At 11:13 am, Roch Said:
“The attachment adds Nussbaum’s scheduled monthly payments are significant and with expected lease levels yet to be attained beginning full repayment of the loan may lead to staffing and program in the short-term and would dramatically affect cash flow.’”
Is that really what it says?
18
2013 At 2:20 pm, eric Said:
This is concerning on many levels…first this is a non profit than is now in the “office space leasing business”…no longer the original incubator good for the community. It is a
“small office building” with subsidized rents competing for tenants with for profit entities.
Second, make no mistakes, this is the first step towards forgiving the loan altogether. Zack is already talking about it, trying to obtain enough votes to put it on the agenda.
18
2013 At 3:45 pm, Fred Gregory Said:
I recall that the loan to Deep Roots is for a period of 20 years, interst free and forgivable
19
2013 At 7:25 am, Bob Grenier Said:
“…..make no mistakes, this is the first step towards forgiving the loan altogether. Zack is already talking about it, trying to obtain enough votes to put it on the agenda.”
What are the possibilities that that was the intended plan all along?