City to forgive part of Mahogany's loan
CINCINNATI, OH (FOX19) - The owner of Mahogany's at The Banks will not have to pay back the full $300,000 loan originally given by the City of Cincinnati.
City Manager, Larry Black, announced on Tuesday that Liz Rogers and the City of Cincinnati have agreed to a restructured financial arrangement. Rogers will have to pay back the city $100,000 in $800/month installments.
As of Jan. 15, 2015, Rogers owed the city $283,391 according to documents obtained by FOX19 NOW.
Black stated Rogers has made plans for an upcoming food service business that will put her in best position her to meet the financial obligations to the city.
The agreement will forgive about $183,391.
Mahogany's closed on Aug. 26, 2015 for failing to pay state sales taxes.
"This represents the most realistic means for the city to recoup monies owed," said Black.
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