Government Retracts Loan Offer

by NBC10/AP | Dec 12, 2004
Government Retracts Loan Offer Federal officials say a private club in Medford Lakes will have to pay for flood recovery itself.

Medford Lakes Colony maintains the lakes in the town that was ravaged by floodwaters in July.

The board says the federal Small Business Administration has rescinded an offer of a low-interest loan of $500,000.

The board wanted to borrow $1.5 million to repair a park that was washed out and to remove sediment in lakebeds that have been empty since a series of dams burst during the storm.

The SBA cited concerns about whether the board might be able to repay the loan while defending itself in lawsuits.

Property owners in downstream communities are suing the group and the Medford Lakes, blaming those two for the flooding.

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Author: NBC10/AP

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