Welcome! Login | Register
 

RI Emergency Rooms: How Long You Have to Wait—Find out how long you have to wait…

Providence Sky Chiefs Press Conference LIVE!—Watch Providence Sky Chiefs Press Conference LIVE!

Providence Sky Chiefs Press Conference (REPLAY)—Replay of Thursday's Sky Chiefs Press Conference

Carol Anne Costa: Monica Lewinsky, Patient Zero—Monica Lewinsky has gone viral, started tweeting, and…

Rhode Island’s Best Comfort Food—This cold and nasty weather got us thinking…

Six RI Businesses Receive $269,963 in State Grants—The Rhode Island Commerce Corporation (Commerce RI) and…

GoLocalProv to LIVE Stream Sky Chiefs Press Conference—Providence Sky Chiefs Press Conference will be streamed…

The Scoop: Fung Blasts Raimondo on RI Housing, Taylor Calls McKee on Flip-Flop, and More—Welcome back to The Scoop, the 4 p.m.…

PC Men’s Basketball Picked to Finish 5th in Big East—Providence College Mens Basketball Picked to Finish 5th…

RI Foundation Begins Accepting Applications for 2015 “Genius” Grants—The Rhode Island Foundation has announced it will…

 
 

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.