(Toledo, OH) Toledo considers forgiving a loan for Uptown Arts Apartments today.
Toledo City Council Rejects Loan Forgiveness
Toledo City Council could vote today on a bailout for an apartment developer.
A council committee debated a plan yesterday to forgive part of the $500,000 loan used to build the Uptown Arts Apartments.
Bruce Douglas' Adams Street Limited Partnership, the company that built the affordable housing complex, has not made any money off of it for 15 years.
City Council voted against forgiving the entire loan, but is considering a partial loan repayment of 175-thousand dollars and sale to a new developer.
Uptown Apartments Owner Offers City New Proposal
The initial proposal would have netted the city only $10.