Winnebago Economic Development Authority (EDA) officials are taking another step to collect a loan of nearly $58,000. City Council members last November hired the law firm Olson & Burns, P.C., of Minot, N.D., for $4,000 to begin foreclosure proceedings to gain ownership of land in that state used as collateral. At a recent EDA meeting, […]
Continue ReadingWinnebago City Council has decided to pay a North Dakota law firm several thousands of dollars to collect a past due Economic Development Authority loan of more than $57,000. Council members voted Monday night to pay Olson & Burns, P.C., of Minot, N.D., a retainer fee of $4,000 to begin a mortgage foreclosure. “I’ll get […]
Continue ReadingThe Economic Development Authority (EDA) in Winnebago is finding out that lending money can be risky business. EDA board members could be left holding the bag on a couple of loans totaling more than $63,000 to open two restaurants. Late last year, the EDA approved a $60,000 loan for Fredonia & Luella’s Seafood Restaurant to […]
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