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WEDC fiscal report: Pier 53 loan delinquent but borrower intends to pay
Summary
Fiscal Officer Ryan Gentile reported the only delinquent loan in the WEDC portfolio is Pier 53; staff said the borrower is trying to sell the business and is on a schedule to catch up. Treasurer Julie DiLella confirmed the borrower's intent to pay.
Fiscal Officer Ryan Gentile opened the financial report and reviewed account balances, the budget-vs-actuals, and the loan aging report. Gentile told the board the only delinquent account at this time is Pier 53, which "is on a schedule to get caught up as they are trying to sell their business." Treasurer Julie DiLella confirmed that the borrower "do[es] still have intent to pay."
No further collection actions or dollar amounts were recorded in the minutes. The board moved into executive session later in the meeting to discuss the financial history of a third-party corporation; the fiscal report itself did not record any board directive to change loan terms during open session.
