EGF Loan

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Apr 30, 2014 at 8:59 am


the city of east grand forks hopes to recoup payment of a lost 1999 loan to the tune of 510-thousand dollars.   city administrator david Murphy informed economic development housing authority board members that the loan “slipped through the cracks.”   The city doled out the zero-percent loan to boardwalk enterprises l-l-p to help construct a post-flood in-fill building that houses several restuarants.    city attorney ron galstad says to date not a penny has been paid.   galstad and two board members plan to meet with the ownership group to discuss repayment options.   one board member questioned whether negligence played a part in how the loan was handled.  Murphy says that will be discussed at another meeting.

knox / doug barrett

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