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The Mailbag: Will the city recoup its Markley's loan?

Sandusky Register Staff • Feb 21, 2012 at 12:01 PM

Q: With all the hype the last two years about Markley's opening, then not opening, and the money the owners borrowed from the City of Sandusky, can you get an answer regarding the owners paying back the $13,000 Revolving Loan to Sandusky? Word in the real world is the city is contemplating suing for payback. — Tim in Sandusky

A: Hi Tim. Reporter Andy Ouriel asked Sandusky city planner Carrie Handy your question. Here is her response: "We are not contemplating suing anyone at this time - I am not sure where Tim is getting his information. Back at the beginning of the year, we wrote to the owners of the Markley's building demanding that they bring their loan payments current by January 25th, 2012.  That did not happen, so we have invoked the 12% default interest rate on their loan.  We have a good lien position on the Markley's building so we are pretty confident that the City will recoup its $13,000 when the building is sold."

Hope that answers your question.

The Mailbag is a daily feature on SanduskyRegister.com. Every weekday at noon, we will post one question-and-answer from a resident.

To ask a question, send a letter to The Mailbag at 314 W. Market St., or e-mail mailbag@ sanduskyregister.com. Please include your first name and a location in the e-mail, e.g. “John from Decatur Street."

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