Peter Lawson Jones describes the $15 million loan as "a minor inconvenience."
We mentioned Monday that the K&D Group, the Willoughby development company that offered to take the Ameritrust complex off the county’s hands for a cool $35 million, is now negotiating for a $15 million loan
. According to Commissioner Peter Lawson Jones, K&D would put $20 million down, and the county would loan the remaining $15 million over a two-year period…
They’re still negotiating the terms of the loan, and how — or if -- the county can guarantee that it’ll get its money back. But given commissioners’ negotiating history, the smart money says that’s slightly less likely than a Miley Cyrus Oscar bid.
Yet Jones doesn’t seem worried. He calls the loan “a minor inconvenience.” After all, K&D was the only development company that bid to buy the asbestos-filled Ameritrust complex, promising to turn the cluster of long-abandoned buildings into a hotel, condos and office space.
Commissioners have already wasted $34 million trying to turn the buildings into their new headquarters. It took them two years to realize that the project was way too expensive to finish
. But Jones believes the deal can be concluded. “I’m obviously hopeful that we’ll be able to work out an arrangement,” he says. “I think this is a deal I’d like to see done.” – Lisa Rab