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Hallandale Beach CRA authorizes $10,000 for bankruptcy legal fees, appoints Southeast Quadrant safety board member
Summary
The Hallandale Beach Community Redevelopment Agency Board voted 5-0 on March 19 to authorize an additional $10,000 in legal fees tied to a Chapter 11 bankruptcy affecting a CRA borrower and appointed an applicant to the Southeast Quadrant Safety Board.
The Hallandale Beach Community Redevelopment Agency Board of Directors on March 19 authorized an additional $10,000 for legal fees related to ongoing bankruptcy litigation tied to a $255,000 CRA loan and unanimously approved the appointment of an applicant to the Southeast Quadrant Safety Board.
The action came after the board was briefed that the borrower — described in the meeting as one of the "icebox entities" — is progressing through a Chapter 11 reorganization, and that the proposed bankruptcy plan would likely yield a recovery of "10¢ on the dollar." City attorney Selkowitz told the board the CRA holds a personal guarantee from the guarantor identified in the record as Mr. Siegmund, and that the guarantor "intends to make good and pay the…
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