What the Mahogany's owner wants from Cincinnati
The owner of the now closed Mahogany's Restaurant at The Banks is asking Cincinnati to reduce the amount of her outstanding city loan. She also wants the city to sell her furniture and equipment from the facility for $8,000.
City Manager Harry Black sent a memo to the mayor and council members Wednesday about his October 2nd meeting with Rogers.
The city gave Rogers a $300,000 loan in 2012, and she is currently delinquent on her loan payments. She asking the amount be reduced to $115,000 and that payments resume in about 21 months, or about July 2016, after the restructuring. Her future payments would be $800 a month for a period of 12 years.
In addition, the city is being asked to release her Hamilton, Ohio, property as collateral for the city's loan. But it could keep a lien against her life insurance policy.
Besides the loan, the city gave Rogers a $600,000 grant to open Mahogany's.
Black said in the memo city administrators will carry out any city council direction on the issue.
Rogers closed her restaurant at The Banks last month after her landlord found her in default on her lease.
She said in August she wanted to work with the city to find another location for her restaurant perhaps in Over-the-Rhine.