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- State Backed Hotel to Miss More Payments
- State Medevac Choppers Flew 136 Promotional Missions In 2013, Costing Over $220K
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- Panel's Sanction Of Police Tactic Under Scrutiny
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- Mayor: Departing Corrections Chief Maynard Should Be 'Proud' Of His Work
- Baltimore City Ranks Fourteenth Highest in Nation For Tax Lien Sales
- City Police Memo Details Off-Duty Gun Ban At Ravens Stadium
- Price Tag To Transition To New Medevac Helicopters Continues To Grow
- Council Seeks to Eliminate Criminal Records from Job Applications in Baltimore City
- Multi-County Symposium on Speed Camera Policies, Best Practices Closed to the Public
State Backed Hotel to Miss More Payments
Updated: Wednesday, July 16 2014, 03:21 PM EDT
The state-backed Chesapeake Hyatt Hotel will make a partial payment on interest owed to bondholders, the second time since 2013 the property has come up short in paying off the $150,000,000 million in debt used to build it.
In a notice released Tuesday, trustees for the property said it had entered a forbearance agreement and would be making a partial payment to bondholders of roughly $1.4 million.
The property was built under the auspices of the MEDCO, a state backed quasi- public development agency which borrowed the money to finance the project in Cambridge, Maryland.
But the property has struggled to make bond payments since it opened, and has hired a consultant to devise a plan to work with bondholders.
The Hyatt is the second MEDCO project to fall on hard times. The Rocky Gap Hotel Resort also failed to meet projections until the state granted the facility a casino license and subsequently sold the property to private investors.