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Curry Marine withdraws URA application amid possible sale
Summary
Staff told the board that Curry Marine withdrew its Urban Renewal Agency application because the business owners are considering a sale and learned they would have to repay the remaining loan if sold within a two-year performance period.
City staff informed the board that Curry Marine has withdrawn its URA application after notifying the agency the business owners are exploring a sale.
Staff said the owners recently learned they would be required to repay the outstanding loan balance if the business were sold within the two-year performance period tied to the funding, and therefore withdrew the application.
Board members acknowledged the withdrawal and the staff recommendation to move on to the next agenda item; no further action was taken.
