ALBANY, Ga. -- The city of Albany has issued a judgment against a Newton-Road business which has since been foreclosed upon by a bank.
The Dollar Square at Airport Plaza has been taken over by Atlanta-based Citizen's Trust Bank, but not before defaulting on a $94,000 Economic Development Administration loan and $443,000 worth of financing with its private lender.
Latoya Cutts, director of the city's Community and Economic Development Office which oversees the EDA Loan program, said that the money owed will not have to be repaid to the federal government.
"There is no general fund obligation here," Cutts said. "These were EDA funds and will just be written off until such time as the funds become available for collection."
The store is now closed and is the second Dollar Square Store to close in Dougherty County.
The first, was a downtown store that was embroiled in a scandal involving former Downtown Manager Don Buie who agreed to grant store owner Tim Washington rent for $1 without the knowledge or approval of the board of the Albany-Dougherty Inner City Authority.
ADICA was renting the property from the Dougherty County Board of Commissioners.
Documents obtained by The Herald Friday show that Citizen's Trust Bank foreclosed on a North American Equities lien on the property that was owed in total $443,000 and was in the first lien holder position.
The amount remaining to be paid on the EDA loan was $94,821.42.