East Grand Forks officials meet to discuss unpaid loan to Boardwalk Enterprises
East Grand Forks officials took another step today to find out how a $510,000 loan to Boardwalk Enterprises was allowed to go unpaid to the city for more than 10 years.
At Tuesday's City Council meeting, officials decided they'll have Brian Sinclair, a Fargo attorney hired to investigate the case, give a presentation next week on what he recommends the council do to get the money back.
The city council approved the loan to Boardwalk Enterprises in 1999, but payments have not been made.
Because of the loan situation, the city of East Grand Forks is considering restructuring the EDHA. City council members say they're looking forward to Sinclair's presentation on the case. Officials say they're still waiting to hear back if the League of Minnesota Cities would cover a majority, if not all, of the attorneys fees in the case.
Sinclair will make his presentation in one week - in a closed meeting with the EDHA board and city council members.