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Finance committee backs $80,000 settlement to release Nielsen from liability on two defaulted EDLF loans
Summary
The finance committee unanimously recommended the council accept an $80,000 settlement to release Jessica Nielsen from personal liability on two defaulted EDLF loans to AM Scott Distillery LLC and requested emergency legislation; the law director said bankruptcy proceedings limit other recovery avenues.
The Troy Finance Committee recommended that the city council accept an $80,000 settlement with Jessica Nielsen to release her from personal liability on two defaulted Economic Development Loan Fund (EDLF) loans to AM Scott Distillery LLC and requested emergency legislation to finalize the release.
Grant Kerber, Troy law director, told the committee that other parties tied to the loans are in…
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