The Journal reports:
The Winston-Salem City Council agreed last night to change the terms on an $110,000 loan to Goler Community Development Corporation for its Truliant Victory Financial Center on Martin Luther King, Jr. Drive.
The change increases the risk that the city would not be paid back if Goler’s Truliant project fails.
The city had been second in line to be repaid. It will share that repayment position with the North Carolina Community Development Initiative. Goler is taking out a $75,000 loan from that group to pay itself back for renovations it did in a portion of the Truliant building.
The council agreed to make similar changes to two loans to Goler last month worth about $262,500 for a planned mixed-use development off Patterson Avenue.
