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Mayor asks council to extend repayment on Genesis Building loan; seeks to use tenant income-tax rebate to retire $140,000 balance
Summary
Mayor Biasea asked committees to extend the repayment period on the city's 2015 economic development loan for the Genesis Building, saying Genesis has a new tenant and requests no new city funding but needs four more years to repay a $140,000 unpaid balance using 50% of the tenant's income tax.
Mayor Biasea told the finance committee that the city's 2015 economic-development loan for the Genesis Building (ordinance 82-2015) has an unpaid balance of $140,000 and that the owner is asking to extend the original repayment schedule.
"Between the slowing in the office market and KA Architects going out of business, the property was vacant for a little bit, but Genesis has now been able to land a new tenant," the mayor…
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