Welcome! Login | Register
 

NEW: Watchdog Group Demands Answers Following RI’s $500M IT Project Rollout—NEW: Watchdog Group Demands Answers Following RI's $500M…

Guest MINDSETTER™ Steve Laffey: Providence Leaders Need Reality Check—Guest MINDSETTER™ Steve Laffey: Providence Leaders Need Reality…

RI Ranked 10th Worst State for Teachers—RI Ranked 10th Worst State for Teachers

Cheat Sheet 59, FBI Files: Coia’s Relationship with Patriarca, FBI and the Clintons—Cheat Sheet 59, FBI Files: Coia’s Relationship with…

Moore: Catholic Church Should Focus on Charity, Not Firing Gays—Moore: Catholic Church Should Focus on Charity, Not…

G Media Studios Completes Acquisition of Local Agency—G Media Studios Completes Acquisition of Local Agency

Paiva Weed Blasted for Taking Donations from 38 Studios Defendants—Paiva Weed Blasted for Taking Donations from 38…

Smart Benefits: Received an ACA Tax Bill? Look Twice Before Paying—Smart Benefits: Received an ACA Tax Bill? Look…

Revs’ Playoff Hopes Take Hit After 2-0 Loss to Columbus—Revs' Playoff Hopes Take Hit After 2-0 Loss…

Rescue 1 Responding: Chapter 18, a Book by Michael Morse—Rescue 1 Responding: Chapter 18, a Book by…

 
 

NEW: PEDP Confirms - Former Cicilline Volunteer Did Not Repay Loan

Monday, September 17, 2012

 

A former campaign volunteer for Congressman David Cicilline during his 2002 Mayoral campaign did not repay a $103,000 loan from the Providence Economic Development Partnership (PEDP), the agency’s legal counsel said Monday.

A story that ran in Sunday’s Providence Journal suggested that Erasmo Ramirez, a 66-year-old member of the District 10 State Rep. committee, repaid a loan he received to open a restaurant by selling a second property (located at 529 Union Ave) that was listed as collateral.

In actuality, a title company missed the mortgage that the PEDP had on the second property and insurance ended up covering the debt owed by Ramirez, according to John Garrahy, a lawyer at Moses Afonso Ryan LTD, the PEDP’s legal counsel.

The PEDP received $96,016.74 from the title company’s insurance and agreed to write off what was left of the loan, which included late fees and other penalties

GoLocalProv first reported on Ramirez’s loan last month.

The PEDP awarded a $103,660 loan to Ramirez for El Portal Family Restaurant, which would lose its operation certificate less than a year later. Ramirez would then request four separate payment moratoriums between 2004 and 2006 before defaulting on the loan.

 

Enjoy this post? Share it with others.

 
 
:!