Richards request for City Council’s aid with Sibley building loan
Posted at: 06/01/2012 8:20 PM
Rochester Mayor, Tom Richards is asking city council to "okay" more than $3 million to pay off a federal loan used to renovate the Sibley Building.
The loan was received in the 90's, then forwarded to Sibley building owner "Rochwill" associates.
However Rochwill was only current with payments until 1998.
Now the Winn Development company, out of Boston, is attempting to buy the building.
Mayor Richards says he's hopeful that Winn will "address city interests" when the purchase goes through.
In the meantime, Richards says the city needs to pay off the loan.
The money would come from the insurance reserve fund.