Welcome! Login | Register
 

“The Sunday Political Brunch”—July 24, 2016—“The Sunday Political Brunch” -- July 24, 2016

The 20 Best Ice Cream Places in Rhode Island—The 20 Best Ice Cream Places in Rhode…

Providence Has Paid D’Amico Nearly $175K Since He Quit, Total Comp Hits $1M—Providence Has Paid D’Amico Nearly $175k Since He…

Fit For Life: I Can’t Settle – Neither Should You—Fit For Life: I Can’t Settle – Neither…

RI Authors Release “Shoreline” Anthology Featuring Works of 19 RI Writers—RI Authors Release "Shoreline" Anthology Featuring Works of…

Burger King’s Fattiest Menu Items—Burger King's Fattiest Menu Items

The Most Common Baby Names of Jewish Origin—The Most Common Baby Names of Jewish Origin

Prov Warwick Convention & Visitors Bureau Starts Pokemon Go Blog—Prov Warwick Convention & Visitors Bureau Starts Pokemon…

Trump’s Turnaround: June Marks Best Fundraising Month So Far—Trump’s Turnaround: June Marks Best Fundraising Month So…

RI’s Malia Kamalani Cruz to Compete for Miss Teen USA National Title—RI's Malia Kamalani Cruz Compete for Miss Teen…

 
 

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.

 
 
:!