NORTH MANKATO —
A low-interest $62,000 city loan given to the Boerboom family for Ray’s Market in lower North Mankato years ago has been taken off the city books for nonpayment.
But members of the Port Authority say that doesn’t mean the city won’t still try to collect on the debt.
The loan was given to the Boerboom family to help in renovating and opening the former Ray’s Market is what is now the former Dollar Store building on Belgrade Avenue.
The family also received large subsidies to take over a faltering grocery store on Commerce Drive. That store also failed and the city lost much of the subsidies it had provided.
On the recommendation of city auditors, the Port Authority voted to write the loan off so it is no longer on the city’s books. But in their motion, Port Authority members also directed the city attorney to take a new look at trying to collect the debt.
They noted that the loan holders have not declared bankruptcy and have assets.