BIDDEFORD — Legal action is being taken to recover money loaned to a restaurant that was slated to open on Main Street next month, according to a press release from the city’s economic and community development director.
The Biddeford-Saco Area Economic Development Corporation, or the EDC, loaned $125,000 to Steer N Stein and its owner, Harold Royals, to make improvements to a space at 140 Main St. before opening a bar and grill there, Adam Shub, an attorney for the EDC, said today.
Now, the EDC is taking action to recover that money in light of allegations that it was spent on activities unrelated to opening the business, Shub said. He would not provide details about the alleged misuse of money.
The city of Biddeford has a long history of working with the EDC, which since 1992 has provided 124 loans totaling $7 million to 73 area businesses.
“It is unfortunate when something like this occurs,” Mayor Alan Casavant said in a statement. “We will work with the EDC and are confident in a resolution that is in the city’s best interest.”
This story will be updated in Friday’s Journal Tribune.
Comments are not available on this story. Read more about why we allow commenting on some stories and not on others.
We believe it's important to offer commenting on certain stories as a benefit to our readers. At its best, our comments sections can be a productive platform for readers to engage with our journalism, offer thoughts on coverage and issues, and drive conversation in a respectful, solutions-based way. It's a form of open discourse that can be useful to our community, public officials, journalists and others.
We do not enable comments on everything — exceptions include most crime stories, and coverage involving personal tragedy or sensitive issues that invite personal attacks instead of thoughtful discussion.
You can read more here about our commenting policy and terms of use. More information is also found on our FAQs.
Show less