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Residents and a CPA urge council to review Ecology School contracts, cite financial distress and contract breaches
Summary
Members of the public submitted contracts and financial analyses alleging the Ecology School breached a construction loan agreement and other commitments; a CPA presented audited financial data showing multimillion-dollar losses and a going-concern auditor opinion, and asked the council to review city exposure.
SACO, Maine ' Multiple residents urged the Saco City Council on Monday to review contracts and financial records related to the Ecology School, arguing the applicant's delays and strained finances create risk for the city.
Inga Brown handed the council a packet containing a construction loan agreement with a May 14, 2024 signature date, a business partnership initiative (BPI) approved by the council in May, and a 2018 contract-zone agreement with a sunset clause. Brown said…
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