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Montgomery County IDA OKs forgiving Power Pallet loan

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The Montgomery County Industrial Development Agency is recommending Power Pallet Recycling Center be forgiven a $309,000 loan balance — provided it creates 40 jobs and maintains them for six months. The IDA is forwarding its recommendation to the Montgomery County Board of Supervisors for action when it next meets in October. IDA Executive Director Ken Rose said 40 jobs meets the state’s criteria for loan satisfaction, in that Power Pallet will be credited with spending ...

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September 15, 2012
8:34 p.m.

[ Flag Post ]

Don't simply forgive it.

And to heck with only a 6 month requirement for the 8 new jobs. What a farce!

Give them a monthly credit towards payments, based on their current staffing. Otherwise, those 40 jobs will return to 32 as soon as the ink is dry on the contract to forgive.