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Aurora ACDC approves $10,005.95 write-off for former Bookworm Main Street loan
Summary
The Aurora Capital Development Corporation voted to forgive the remaining $10,005.95 balance on an SBA-backed loan to the Bookworm business after staff said there were no remaining assets and pursuing collection was not commercially feasible.
The Aurora Capital Development Corporation voted to write off the remaining $10,005.95 balance on a Small Business Administration–backed loan to the Bookworm business, saying the company no longer operates on Main Street and has no recoverable assets.
ACDC staff recommended the write-off during the meeting, explaining that the SBA originally issued a larger loan to the business and that inventory (books) has been liquidated. “We’re recommending that the the the balance of the loan, which is $10,005.95 and 8¢, be written off by the Aurora Corporate Development Corporation as uncollectible,” an ACDC staff member said. The board approved the recommendation by voice vote.
Staff told the board two of the three original guarantors live out of state (one in California and one in Oregon), and the staff member said attempting legal collection or hiring a collection agent would likely cost more than the amount recoverable. The staff member also noted a risk that guarantors could file personal bankruptcy, which would defeat collection efforts. Because Lake City Bank services the loan portfolio, staff said the bank will record a memo adjustment to show the loan forgiven and the city’s accounting department will handle bookkeeping.
The staff member also updated the commission on a separate small business matter: PJ Limes, a taco business that operates a truck and has opened a restaurant, has limited working capital. Staff said they have requested updated financial information and expect to return next month with a recommendation, and that they plan to seek additional collateral by taking a second mortgage on the original guarantor (referred to as Mr. Cruz’s mother) if further funds are recommended.
Votes at a glance: The board recorded voice approvals for the following items during the same meeting: approval of the Aug. 12, 2025 regular meeting minutes (motion moved and seconded; voice vote), approval of the August 2025 ACDC expense report (motion moved and seconded; voice vote; amount not clearly specified in the audio), the resolution to write off the Bookworm loan balance (motion moved and seconded; approved by voice vote), and a motion to adjourn (approved by voice vote).
